Journalist
Posted:
- ADA whale activity has reached its highest level since the beginning of the year.
- The main indicators on the daily chart confirm the strength of the ongoing rally.
Cardano’s daily count [ADA] whale trades over $1 million have reached their highest level yet this year during the current rally.
As of November 9, the number of ADA transactions above $1 million was 2,192. Similarly, ADA saw the highest number of daily transactions in the past six months for transactions over $100,000.
Source: Santiment
The data from an analysis company in the chain Santiment shows that the number of high-value ADA transfers has been steadily increasing in recent weeks, coinciding with a 50% increase in the token’s price over the past month.
The bulls hold on tight
Readings of the coin’s Average Directional Index (ADX), assessed on a daily chart, put the value of the indicator at 57.46 at the time of writing.
An ADX value above 50 with a corresponding increase in an asset’s price indicated that the current uptrend in the market is strong.
Moreover, the coin’s positive directional index (green) at 33.19 was above the negative directional index (red) at 3.74. This meant that buying activity exceeded coin distribution among traders in the ADA spot markets.
Furthermore, the recent price rally has pushed ADA’s Chaikin Money Flow (CMF) to its highest level since January. This indicator assesses the flow of money into or out of an asset and provides insight into the buying and selling pressure in the market.
A positive CMF indicates buying pressure, while a negative CMF indicates selling pressure.
At 0.34 at the time of writing, ADA’s CMF showed the coin market being supplied with a significant volume of liquidity needed to support the rally.
Likewise, the key momentum indicators maintained an uptrend and were positioned above their neutral lines. ADA’s Relative Strength Index (RSI) was 77.69, while the Money Flow Index (MFI) was 80.47.
At these values, these indicators showed that ADA accumulation significantly exceeded distribution. However, these levels are often marked by buyer exhaustion followed by a price correction; caution is therefore advised.
Source: ADA/USDT on TradingView
How much are 1,10,100 ADAs worth today?
The coin’s open interest on the futures market stood at $149 million, a five-month high. From Mint glass Data shows that ADA open interest has increased consistently since September 21, with a 53% increase during this period.
When an asset’s open interest grows in this way, it means market participants are taking more active contracts or positions.