A Cardano (ADA) whale metric recently indicated the Ethereum (ETH) competitor could be primed for a price reversal, according to the crypto analytics firm Santiment.
On Monday, Cardano whale transactions exceeding $100,000 in value surged to their highest number since November 8th.
Explains Santiment,
“These spikes in whale activity historically correlate with potential price reversals. ADA’s market cap has shrunk -43% since March 13th.”
ADA is trading at $0.441 at time of writing. The 11th-ranked crypto asset by market cap is down nearly 4% in the past 24 hours, more than 12% in the past week and more than 32% in the past month.
Santiment also notes that crypto trading volume levels recently hit their lowest level since the first week of January, indicating traders are indecisive.
“Bitcoin has seen a trading volume drop of 60-65% since its big week of trading at the end of February. There are many factors that can signal a turnaround, but watch for a spike in volume as a potential turnaround signal for a market-wide rally as we head into May.”
Bitcoin (BTC) is trading at $60,442 at time of writing. The top-ranked crypto asset by market cap is down more than 5% in the past 24 hours, 9% in the past week and more than 15% in the past month.
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