Crypto Trader is bullish on ADA after network activity surges with CoinEdition
- Ali recently tweeted that there has been an increase in the volume of large ADA transactions.
- According to the trader, the increase in large ADA transactions is a bullish sign.
- In related news, ADA’s price posted a 24-hour gain and is trading at $0.4491.
Crypto trader Ali (@ali_charts) tweeted this morning that the volume of large Cardano (ADA) transactions has been on the rise lately. According to the tweet, this increase in large ADA transactions suggests that Cardano’s network activity is heating up as institutional players and whales begin to make their moves.
Transaction activity for ADA (Source: IntoTheBlock)
The trader included a snapshot of data from blockchain tracking firm, IntoTheBlock. The data showed that 4.73,000 transactions took place in the last 24 hours, which is also the highest level in 7 days for the network’s transaction activity. According to Ali, this is a bullish sign for the Cardano network and its native token, ADA.
At press time, ADA’s price currently stands at $0.4491 after a 2.60% increase in the last 24 hours according to CoinMarketCap. This has added to ADA’s already positive weekly price performance. As a result, ADA’s price has increased by more than 15% over the past 7 days at press time.
ADA has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), over the past 24 hours. As a result, ADA’s price is currently 3.68% up against BTC and 3.04% up against ETH.
Trading volume for ADA has fallen slightly over the past 24 hours. At press time, ADA’s total daily trading volume is estimated at $565,203,706, which is 21.65% lower compared to yesterday’s trading volume.
ADA’s price could also set a new daily high before the end of today’s trading session, given that it is trading very close to its 24-hour high of $0.4489. Meanwhile, the altcoin’s 24-hour low is at $0.4274 at press time.
Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
The post Crypto Trader Is Bullish on ADA After Network Activity Rises appeared first on Coin Edition.
See the original at CoinEdition
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