ADA Price Treads Water Amid Mixed Signals
Cardano's ADA has shown mixed signals in recent days, with some analysts predicting a significant upward trend and others warning of a renewed correction.
The token has rebounded over the past week, reaching a two-week high of $0.18 before retracing to its current price of around $0.166 on CoinGecko.
Large investors have boosted their total holdings to 25.6 billion coins, representing roughly 70% of the token's circulating supply, and have bought 30 million ADA worth over $5 million in the last 30 days.
The Relative Strength Index (RSI) for ADA has also slipped close to the oversold zone, which is often seen as a buying opportunity.
However, exchange inflows have recently exceeded outflows, meaning that investors have moved some of their holdings to centralized platforms, increasing immediate selling pressure.