- The inflows/outflows of the ADA spot show that the exchanges have witnessed a significant outflow of $129 million.
- ADA could rise 50% to reach $1.90 if it closes a daily candle above the $1.25 level.
Cardano [ADA] will experience a significant increase in circulating supply this week. This unlock token is expected to play a major role in the price action as ADA is currently at a crucial level.
$43.5 million in ADA needs to be unlocked
Data shows that nearly 37.06 million ADA tokens, worth $43.36 million and representing approximately 0.10% of the circulating supply, will be unlocked between December 9 and 16. This significant influx of tokens into circulation has the potential to cause a price correction or decline in the future.
In addition to ADA, tokens worth more than $1.347 billion will also be unlocked during the same period, including Solana and Dogecoin.
Cardano technical analysis and upcoming levels
According to AMBCrypto’s technical analysis, ADA consolidated within a tight range near the $1.25 resistance level at the time of writing. It’s been more than a week since the altcoin started consolidating between $1.12 and $1.24.
Experts suggest that a breakout or failure of this consolidation will determine ADA’s next move in the coming days.
Source: TradingView
ADA Price Prediction for December 2024
Based on recent price action, if ADA breaks above the upper limit of the consolidation zone and closes a daily candle above the $1.25 level, there is a strong possibility that it could rise by 50% to reach $1.90.
Conversely, if the ADA falls below the lower limit of the consolidation zone and closes a daily candle below the $1.12 level, it could fall by 20% to reach $0.92 in the coming days.
Given current market sentiment and investor interest, it appears that ADA is likely to break through and close its daily candle above the $1.25 level.
On the plus side, ADA’s Relative Strength Index (RSI) currently stands at 64, indicating that the altcoin price is below the overbought zone. This suggests there is plenty of room to rise further in the future.
Increase in the outflow of scholarships
This bullish analysis has been further supported by whales and institutions as their interest and confidence in the altcoin has skyrocketed, according to on-chain analytics firm Coinglass.
ADA spot inflow/outflow data shows that the exchanges have witnessed a significant outflow of $129 million since early December.
Source: Coinglass
Read Cardano [ADA] Price forecast 2024-2025
In the context of cryptocurrency, “outflows” refer to the movement of assets from exchanges to wallet addresses. These notable outflows indicate a potential upside rally and indicate ideal buying opportunities.
At the time of writing, ADA was trading around $1.15 and has registered a price drop of 4.10% in the last 24 hours. During the same period, trading volume increased by 15%, indicating greater participation from traders and investors compared to previous days.