The last week for Cardano concluded in the bulls’ favour, as was made clear by statistics from IntoTheBlock. Data on significant address acquisitions and transactions serve as proof of this. It is crucial to remember that only addresses with at least 1% of the ADA’s multi-million dollar turnover are included for determining volumes.
The stats show that the large bears sold 158.6 billion ADA worth of goods over the previous week. The activities of less significant bulls at the same time increased the amount of their purchases to approximately $160 billion. There is equality in the number of such addresses, 36 for each of the buyers and sellers.
There is a chance that the difference is negligible. It does, however, demonstrate that some sizable money continues to be positive on the Cardano coin despite the fact that the ADA price has dropped 18% over the previous 30 days.
Cardano (ADA) price action
Regarding the graph, it should be noticed that the price of ADA has returned to the $0.3 to $0.42 area. Right now, the price of the Cardano token is trading around the centre of this range, which does not appear to be the ideal location to initiate trades in terms of risk against return.
It is probably best to wait until the ADA price reaches one of the range borders given the current state of uncertainty on the cryptocurrency market and the weakness that altcoins shown in the second half of October.
