Based

Cardano

Million

<p>ADA, the native token of the <a href="https://coinpedia.org/beginners-guide/what-is-cardano/" target="_blank" rel="noreferrer noopener">Cardano blockchain</a>, has gained significant attention from crypto enthusiasts despite its recent price decline. The altcoin has experienced a price drop of over 30% in the past 48 hours. However, with rising interest from long-term holders and Binance traders, its price appears to be recovering.</p>   
<h2 class="wp-block-heading" id="h-164-million-of-ada-outflow"><strong>$164 Million of ADA Outflow</strong></h2>   
<p>Today, December 20, 2024, <a href="https://www.coinglass.com/currencies/ADA" target="_blank" rel="noreferrer noopener nofollow">Coinglass’s</a> ADA spot inflow/outflow on-chain metrics revealed that exchanges have recorded a significant outflow of $163.85 million worth of ADA in the past week, despite the altcoin’s continuous price decline.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/12/20235539/image-142.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/20235539/image-142-1024x281.png" alt="" class="wp-image-395809"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<h3 class="wp-block-heading" id="h-what-does-outflow-mean-in-cryptocurrency"><strong>What Does Outflow Mean in Cryptocurrency?</strong></h3>   
<p>In the cryptocurrency landscape, “outflow” refers to the movement of assets from exchanges to long-term holders' wallet addresses, which suggests potential upside momentum and hints at an ideal buying opportunity.</p>   
<p>Based on historical data, whenever assets experience outflows from exchanges to wallet addresses, it increases buying pressure, resulting in upside momentum.</p>   
<h3 class="wp-block-heading" id="h-rising-traders-interest-nbsp"><strong>Rising Traders Interest&nbsp;</strong></h3>   
<p>Besides rising interest from long-term holders, traders' interest appears to be increasing, as reported by Coinglass. According to the data, ADA futures open interest has soared by 4.5% in the past four hours, indicating a shift in traders' sentiment following the ADA price rebound.</p>   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, ADA is trading near $0.887 and has experienced a price decline of 1.9% in the past 24 hours. During the same period, its trading volume surged by 32%, indicating heightened participation from traders and investors amid the market rebound.</p>   
<p class="has-background" style="background-color:#e9f0ff"><strong>Wondering where Cardano's price is headed next? Read our <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" target="_blank" rel="noreferrer noopener">Cardano price prediction</a> for insights on its potential rebound!</strong></p>   
<h2 class="wp-block-heading" id="h-cardano-ada-technical-analysis-and-upcoming-levels-nbsp"><strong>Cardano (ADA) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, ADA has successfully retested one of the crucial support levels at $0.80, which it recently visited during the market dip. However, with rising interest from traders and long-term holders, the price is experiencing upside momentum.</p>   
<p>Based on the recent price action, if ADA holds above the $0.80 level, there is a strong possibility it could soar by 40% to reach the $1.23 level in the coming days.</p>   [article_inside_subscriber_shortcode title="Never Miss a Beat in the Crypto World!" description="Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more." category_name="News" category_id="6"]

$164 Million Cardano (ADA) Outflow, Buy Opportunity?

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