Cardano Whales Active Amid Falling ADA Prices, Investors Hold Firm
Cardano Whale Transactions Reach Impressive $13 Billion Daily, Yet Prices Continue to Fall
Despite an increase in the activities of Cardano whales in recent months, the price of the ADA cryptocurrency shows no significant recovery. On the contrary, the value of ADA continues to be on a downward trend.
Rising Activity, Falling Prices
In recent months, the activity of Cardano whales has increased. According to data from on-chain data provider IntoTheBlock, published on January 18, the average daily transactions of Cardano whales amount to $13 billion. This is 160% more than the daily transaction volume of Ethereum whales, which stands at $5 billion.
Despite these impressive figures, the price of ADA has not significantly increased. At the time of writing this article, the price is at $0.49, representing a decrease of 19% in the last month. In the last week alone, the price of ADA has fallen by 15%.
ADA Price Performance
Following the approval of the Bitcoin Spot ETF on January 10, the entire altcoin market experienced a surge, and the price of ADA quickly rose to $0.61, representing an increase of 21%. However, with the excitement about the ETF approval subsiding, the price of ADA, which was not supported by any real demand, began to fall. Since January 11, the price of ADA has fallen by 20%.
Indicators Show Decreasing Demand
A clear indication of the decreasing demand for ADA are the key momentum indicators on a 24-hour chart. At the time of writing this article, the Relative Strength Index (RSI) and the Money Flow Index (MFI) of ADA are below their respective midlines. The RSI of ADA is in a downtrend at 41.11, while the MFI is at 48.53. These values show that sales are exceeding accumulation.
Investors Hold ADA Despite Losses
Due to the weak price performance of ADA since the beginning of the year, the Market Value to Realized Value (MVRV) ratio has been negative since January 4. This means that most ADA investors are holding their coins with unrealized losses. With an MVRV ratio of -11.77% at the current time, any trader selling their coins at the current price would, on average, book a loss of 12% on their investment.
Conclusion
The increasing activity of Cardano whales and the high transaction volume stand in stark contrast to the decreasing demand and falling price of ADA. This underscores the need for investors to pay attention not only to the activity of large players, but also to other key indicators and market dynamics.
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