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Cardano (ADA) Whales Securing Gains After 10% Upswing: What’s Next?
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Cardano (ADA) Whales Securing Gains After 10% Upswing: What’s Next?

Sebastian Villafuerte
Sebastian Villafuerte
8 months ago
3 mins read

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Cardano has surged over 10%,  breaking a key resistance level, and is now testing higher prices. Despite the bullish momentum, on-chain data reveals that long-term holders are beginning to take profits. The ratio of daily on-chain transactions in profit to loss has turned positive, suggesting that many investors are capitalizing on recent gains.

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As the market continues to evolve, ADA strives to maintain its uptrend, buoyed by positive sentiment and growing optimism for further price recovery. However, this profit-taking activity indicates that some investors are cautiously locking in gains, potentially leading to short-term price volatility.

With high expectations for a continued rally in the coming weeks, investors are closely watching ADA’s performance to see if it can sustain its momentum. The next few days will be critical for confirming whether Cardano can hold above these levels and push toward new highs.

Cardano Long-Term Holders Selling

Cardano is testing local supply levels after a significant surge, with investors becoming cautious in their short-term strategies. 

Yesterday, the ratio of daily on-chain transactions in profit to loss reached 1.53, meaning that for every ADA transaction resulting in a loss, 1.53 transactions have generated profits. This metric highlights that many investors are taking advantage of the recent price gains, leading to some long-term holders selling their coins for profit.

ADA ration of daily on-chain transaction volume in PnL reaches 1.53.
ADA ratio of daily on-chain transaction volume in PnL reaches 1.53. | Source: Santiment

Data from Santiment supports this view, showing a slight decline in Cardano’s Mean Coin Age and Mean Dollar Invested Age on September 11. These metrics track long-term holders’ behavior, reflecting the average age of ADA coins and the amount invested over time. A drop in these metrics suggests that holders who purchased ADA at lower prices are now taking profits, decreasing the average age of the coins in their possession.

ADA's mean coin age and mean dollar invested age declining.
ADA’s mean coin age and mean dollar invested age are declining. | Source: Santiment

Despite this selling pressure, ADA still has the potential to maintain its bullish momentum if market conditions continue to push. Cardano could target higher prices, but the cautious behavior from seasoned investors signals that the rally might face resistance soon.

Related Reading: Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest

The coming days will be crucial for ADA, as it needs to hold above its current levels to confirm a continued uptrend. If buyers regain control and demand increases, Cardano could break through key resistance levels and aim for new highs. 

ADA Price Action Details

ADA trades at $0.3565 after testing a key resistance at $0.36. The price has closed above the 4-hour 200 exponential moving average (EMA) at $0.3490.

This is a significant indicator of short-term strength that ADA had respected as resistance since early August. This successful reclaim of the 4H 200 EMA is crucial for maintaining the uptrend.

ADA trading above the 4H 200 EMA for the first time since mid August.
ADA is trading above the 4H 200 EMA for the first time since mid-August. | Source: ADAUSDT chart on TradingView

If ADA manages to retest this EMA and hold it as support, it would confirm a short-term bullish trend. Breaking and holding above this level suggests that ADA could continue to push upward. Investors and analysts see the next target as being in the $0.38 to $0.40 range.

Related Reading

Cardano (ADA) Is Preparing For A Rally: On-Chain Metrics Suggest Investors Optimism

Cardano (ADA) Rally Brewing? On-Chain Metrics Suggest Investors Optimism

8 months ago

However, if ADA loses this support level, the price could drop to lower demand zones, possibly retreating to around $0.33. This would signal a weakening current momentum and potentially spark further selling pressure.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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