HomeNewsBullish Signals Illuminate Crypto Market: Potential Bounces Await for Cardano (ADA) and...

Bullish Signals Illuminate Crypto Market: Potential Bounces Await for Cardano (ADA) and XRP

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  • Traders are selling XRP and ADA at a loss, leading to a potential bounce in both altcoins.
  • Bitcoin’s sharks and whales continue to accumulate coins, indicating confidence even in a stagnant price range.

The crypto analytics firm Santiment suggests that Cardano (ADA), a rival to XRP and Ethereum (ETH), may experience a rebound as a bullish signal emerges in the market. Recent data reveals that a significant number of traders are selling their XRP and ADA holdings at a loss, which coincides with a retracement from last week’s rally.

Santiment’s analysis indicates that this mild trader capitulation could potentially ignite upward movements for both XRP and ADA. The firm notes that top-cap cryptocurrencies have witnessed sell-offs at lower prices due to high profit-taking in the previous week. Specifically, XRP and ADA have seen a substantial volume of sells at reduced prices, increasing the likelihood of price bounces.

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Bitcoin (BTC), the dominant cryptocurrency, has caught Santiment’s attention as well. Despite prices hovering near local highs, BTC sharks and whales, referring to holders of at least 10 and 1,000 coins, respectively, have been actively accumulating coins for weeks. This accumulation behavior suggests a strong belief in the long-term value of Bitcoin, even during a period of relatively stagnant price action. Since June 17th, addresses holding between 10 and 10,000 BTC have accumulated an additional 71,000 coins, representing a value of $2.15 billion.

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Santiment also highlights a bullish on-chain signal for Ethereum. The network’s growth has been steadily increasing, with the creation of new addresses occurring at an accelerated pace. Historically, the emergence of new addresses has served as an indicator of market cap growth and has often preceded significant rallies. Although Ethereum’s price currently hovers just below $1,900, the steady growth in new addresses suggests the potential for a bullish divergence in the near future.

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In conclusion, Cardano (ADA) and XRP may experience upward movements as traders sell at a loss, creating potential bounce opportunities. Bitcoin’s sharks and whales continue to accumulate coins, indicating their confidence in the cryptocurrency, even during a period of stagnant prices. Ethereum’s on-chain growth, characterized by an increase in new addresses, suggests a potential market cap expansion. These developments in the cryptocurrency market warrant careful monitoring as they hold implications for future price movements.

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