Will Cardano Price Respond With Rally as $20M ADA Leaves Exchanges?
The post Will Cardano Price Respond With Rally as $20M ADA Leaves Exchanges? appeared on BitcoinEthereumNews.com. Cardano price eyes a massive bull run amid a looming supply squeeze after more than $20M ADA tokens exited exchanges in the last seven days. Meanwhile, analysts expect that Cardano will register a 100% rally and reach $1.46 in the coming months. ADA value today stands at $0.71 with a 1.3% dip. Data from CoinMarketCap also shows that Cardano trading volumes have topped $902M highlighting high market interest. Cardano Price Eyes Rally as $20M ADA Exits Exchanges Cardano price is on the verge of a massive rally after more than $20M ADA tokens left exchanges recently. Data from Coinglass indicates that in the last seven days, traders have been moving ADA from top exchanges like Binance and OKX, which signals a lack of intent to sell. ADA Exchange Outflows As exchange withdrawals surge and reduce the supply that is available in the market, it might create a squeeze whereby a surge in demand will force the Cardano price to rally. Therefore, it is likely that this top altcoin could soar to as high as $1 in the near term. Trader Justin Qu on X has also shared a bullish Cardano price forecast, suggesting that the price of this altcoin will soon skyrocket to new multi-month highs. In his analysis, Justin stated that ADA had broken out of a descending wedge pattern on the daily timeframe, which is a classic sign of an upcoming bull run. If ADA continues to defend support at the upper trendline of this wedge pattern, it might kickstart a strong rally towards the first resistance level at $1.24. Breaking this level will then set the stage for a rally to $1.46. Cardano price chart Hence, going by the surging outflows from cryptocurrency exchanges and the bullish forecasts shared by analysts on Cardano, this altcoin is likely…
The post Will Cardano Price Respond With Rally as $20M ADA Leaves Exchanges? appeared on BitcoinEthereumNews.com.
Cardano price eyes a massive bull run amid a looming supply squeeze after more than $20M ADA tokens exited exchanges in the last seven days. Meanwhile, analysts expect that Cardano will register a 100% rally and reach $1.46 in the coming months. ADA value today stands at $0.71 with a 1.3% dip. Data from CoinMarketCap also shows that Cardano trading volumes have topped $902M highlighting high market interest. Cardano Price Eyes Rally as $20M ADA Exits Exchanges Cardano price is on the verge of a massive rally after more than $20M ADA tokens left exchanges recently. Data from Coinglass indicates that in the last seven days, traders have been moving ADA from top exchanges like Binance and OKX, which signals a lack of intent to sell. ADA Exchange Outflows As exchange withdrawals surge and reduce the supply that is available in the market, it might create a squeeze whereby a surge in demand will force the Cardano price to rally. Therefore, it is likely that this top altcoin could soar to as high as $1 in the near term. Trader Justin Qu on X has also shared a bullish Cardano price forecast, suggesting that the price of this altcoin will soon skyrocket to new multi-month highs. In his analysis, Justin stated that ADA had broken out of a descending wedge pattern on the daily timeframe, which is a classic sign of an upcoming bull run. If ADA continues to defend support at the upper trendline of this wedge pattern, it might kickstart a strong rally towards the first resistance level at $1.24. Breaking this level will then set the stage for a rally to $1.46. Cardano price chart Hence, going by the surging outflows from cryptocurrency exchanges and the bullish forecasts shared by analysts on Cardano, this altcoin is likely…
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