My people! What's up with Cardano (ADA)? The thing is that in the last few weeks, the price of ADA has been quieter than a statue, as if it doesn’t know where to turn! After dropping 12% last month, it has stuck around $0.587 for almost all of July. But beware! Not everything is as it seems. It seems that those who know, the heavyweights of the market, are moving their pieces while the public remains in the clouds. This could be a well-laid trap for those betting on the downside! 🤑
The shorts are paying the bill and that stings! 💸
Although ADA has remained above $0.58, the funding rates on platforms like Binance and Bybit are still negative or neutral. What does that mean? It means that those betting on the price of ADA going down (the infamous short sellers) are paying interest for that! It's like they are saying: 'Hey, keep betting it goes down, but I'm charging you for the attempt!'. 😬
Normally, this is a sign that people don't really believe in the rise, but those who are risking their money are feeling the whip! If the price of ADA starts to rise, which is what could happen, a 'short squeeze' is coming that will leave them trembling! Just imagine: they are forced to buy to avoid losing more, and that makes the price go up even more! Crazy! 📈
ADA is moving house! 🏡
Another important fact is that the net exchange flow shows that people are taking their ADA off the exchanges. Yes, my people! They are moving more ADA than they deposit. This is like when people stash money under the mattress or put it in the bank for the long term. It’s a clear sign that ADA holders have no intention of selling at current prices. They are accumulating quietly, without making much noise! 🤫
This doesn’t guarantee that the price will skyrocket tomorrow, but it does tell you that there is little supply in the market, and if demand returns, the price of ADA could fly like a rocket! 🚀
Every day, more people have ADA! 🎉
Pay attention to this! Wallet data tells us that the number of people holding ADA keeps growing. In the last six months, we reached 4.5 million unique addresses! A new record for this year! And the most impressive thing is that this happened while the price of ADA was dropping from $0.90 to the current levels. This means that people still believe in ADA long-term, and that confidence is a huge fuel if the price starts to regain its momentum. When the price is stagnant and people keep coming, something big is cooking! 🍲
Cardano moved more money than a Bad Bunny concert! 💰
Hold on! Cardano has moved over $381 billion in trading volume in the last year, according to TapTools. That’s more money than a sold-out Bad Bunny concert! And the craziest part is that this is happening despite the fact that the price of ADA hasn't been the life of the party in recent months. This volume shows that there is a huge interest, especially from traders and institutions that are not scared by a price that is not moving. That liquidity is like the gasoline of a race car, ready to start when the time comes! 🏎️💨
ADA in the spotlight, the OBV is giving clues! 👀
In the charts, the price of ADA is still trapped in a descending triangle, with resistance near $0.612 and support at $0.537. Right now, it is at $0.58. Normally, this type of pattern breaks downwards, but ADA hasn't done that!
On the other hand, the On-Balance Volume (OBV) is already giving the first signal. Even though the price is not moving, the OBV has risen a little bit. This means that there is buying volume coming in without the price skyrocketing. This is how accumulation starts! Quietly, without attracting attention, so that no one notices! 🤫
If the price of Cardano breaks $0.612, the path is almost clear up to $0.66! But if it loses $0.537, then things get ugly! For now, it’s a game of patience, but the numbers are more on the side of the 'bulls' than it seems. So stay alert and keep an eye on this thing! 😉$ADA
