Cardano Millionaires Load Up: Supply Overhead’s Next

The Leios testnet just achieved a six-times mainnet throughput, but the mind-blowing milestone doesn’t seem to reflect on Cardano’s (ADA) price yet. The OG altcoin is still hovering slightly below the $0.20 resistance territory, a sensitive area where profit-taking trends play a crucial role. Millionaire Holders Top Up Their Cardano Reserves In Cardano’s (ADA) case, the daily trading volume of $375,658,800 suggests a drastic price upswing may be brewing – and the big-time holders are likely to contribute majorly to the direction of it. Last week, crypto investors picked up roughly 160 million Cardano (ADA) tokens at the price of $0.1776. Wallets with balances between 10M to 100M ADA have done the most. Now, with ADA’s price finding its foot on multiple time-frames, two key scenarios are mapped out: whether Cardano’s (ADA) bulls prepare one of the strongest comebacks this year from a 93% pullback since ATH, or the token’s short-sellers could push it back towards retesting the massive demand at $0.14 – $0.15 like it did in June. Excess-Leverage Spills Out As Whales Turn Positive Presently, the setup’s conflicting: the smaller time-frames depict Cardano’s whales distributing assets, which could mean crypto portfolio rebalancing, as well as selling. On the other hand, the daily ADA price time-frame shows us a clearer picture of conviction: whales have been purchasing Cardano (ADA) for ten days in a row, pushing the CMF to 0.08. The Chaikin Money Flow (CMF) assesses whale sentiment, while the broader retail picture is witnessed in the SuperTrend price. On the daily candlesticks, that’s centered around $0.182, an area that Cardano’s (ADA) bulls have already flipped into support after conquering the resistance. Now the altcoin is looking at the 200-day EMA at $0.246, which represents the main overhead supply zone. Conversely, the zoomed-in time-frames put this crucial metric roughly two cents above, between $0.202 – $0.208, an area ADA is yet to restore. The long versus short ratio of 0.85 on leveraged markets hint at more short-selling speculation, but the Open Interest (OI) weighted funding rate continues to favor the bulls in spite of similar-size liquidations during the 7-day time span. Stay in the loop with DailyCoin’s trending crypto scoops:SHIB Rich List Tightens With Holder Count Topping 1.6MXRP Bulls Map Paths to $4 and $7—With Big Caveats