Join Cheeky Crypto’s JB as he delves into the world of Cardano (ADA), providing an in-depth analysis of its on-chain data, wallet activity, liquidations, and technical indicators. This comprehensive overview offers valuable insights for traders and investors seeking to understand ADA’s potential price trajectory.
On-chain Data and Network Analysis: Unveiling ADA’s Ecosystem
JB begins by examining ADA’s on-chain data, highlighting its circulating supply of 35.9 billion ADA out of a maximum supply of 45 billion. The network boasts 4.4 million addresses, with 33,000 active in the last 24 hours. This activity suggests a thriving ecosystem with a growing user base.
Wallet Analysis: Accumulation Trends and Whale Activity
JB delves into wallet analysis, revealing a significant increase in wallets holding over 1 million ADA in the last 24 hours. This spike suggests accumulation among larger investors. However, a downtrend over 30, 60, and 90 days indicates that accumulation may be slowing down.
Interestingly, accumulation is still observed in wallets holding over 100,000 ADA, and aggressive accumulation is evident in wallets holding over 10,000 ADA. This pattern suggests that smaller investors are actively accumulating ADA.
Liquidations and Total Value Locked (TVL): Market Dynamics
JB examines liquidations, revealing $1 million worth of ADA positions liquidated in the last 24 hours, with Binance leading the charge, liquidating $569,000 worth of ADA. These liquidations could indicate market volatility and potential selling pressure.
Despite the recent liquidations, ADA’s Total Value Locked (TVL) has increased by 37% in the last year, currently standing at over 660 million ADA. However, a recent decrease in the last seven days suggests potential profit-taking.
Technical Analysis: Short-Term and Long-Term Perspectives
JB dives into technical analysis, presenting a short-term bullish outlook with a potential target between 40.95 C and 43.38 C. However, he cautions that the one-hour and four-hour stochastics are overbought, indicating potential overextension in the short term.
The daily chart suggests potential upward movement to 40-46 C, while the weekly chart indicates the potential to test the 200 weekly EMA at 43.9 C. These observations paint a picture of long-term bullish potential.
Positive Sentiment and Staking Opportunities
JB expresses positive sentiment on ADA’s future, expecting a correction before a bullish market run. He encourages viewers to consider staking ADA with Midnight and the Cheeky pool to earn passive income while supporting the network.
Additionally, JB provides a review of the Keystone 3 Pro hardware wallet, highlighting its potential as a secure storage solution for ADA.
Conclusion and Call to Action
JB concludes by encouraging viewers to like, subscribe, and trade safely. He emphasizes the importance of conducting thorough research and making informed investment decisions.
Overall, Cheeky Crypto’s analysis provides a comprehensive overview of Cardano’s current state and future prospects. The combination of on-chain data, wallet activity, liquidations, technical indicators, and expert insights equips traders and investors with valuable information to navigate the Cardano landscape effectively.