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Following
ADA 
BTC 
ETH Cardano's ADA has rebounded in the past week, with some key factors supporting a larger upward trend in the future. However, another factor suggests that a new round of correction may be on the horizon.
Several analysts believe that Bitcoin (BTC) has not yet reached the bottom of the cycle, and recent outflows of exchange funds suggest that Ethereum (ETH) may be planning a rise.
ADA falls into hesitation zone
Earlier this week, Cardano's native token surged to a two-week high of about $0.18, before falling back to the current level of $0.166 (data from CoinGecko). That represents a weekly gain of 5%, while the latest whale activity suggests further gains may be made in the near term.
Large investors recently increased their total holdings to 25.6 billion tokens (the highest level since February). This position accounts for approximately 70% of the token's circulation supply. In addition, whales purchased 30 million ADAs (worth more than $5 million) in the past 30 days.
These market participants rarely make decisions intuitively, and some believe they enter the ecosystem after careful research or gaining inside information that others do not have. In other words, their activities may also encourage small players to follow suit.
Another bullish indicator on the ADA is its Relative Strength Index (RSI), which fell to 28 yesterday (July 23) and is currently at 31. It remains very close to oversold areas, which are often seen as buying opportunities.
On the other hand, exchange inflows have recently exceeded outflows, which means that investors have shifted some of their positions to centralized platforms, thereby increasing immediate selling pressure.
Major BTC warning
The bear market of the past few months has been quite protracted, briefly dragging the price of Bitcoin below $60,000. It is currently trading at close to $65,000, and each rebound has some investors hoping that the bulls will eventually regain full control of the situation.
However, X user BATMAN poured cold water on these expectations, comparing BTC's current performance with the fall of 2022, when a massive crash followed, falling to about $16,000.
Other short-term skeptics include Kabuki and Ali Martinez. The former predicted a plunge to US$47,000 in August, while the latter pointed out that September has historically been a bad time for BTC, with a correction every time since 2022.
ETH's next move?
Earlier this week, the second-largest cryptocurrency again tried to break the psychological threshold of $2000, but was rejected and is currently trading at around $1880.
Despite this, the decline in the amount of ETH stored on exchanges suggests that bears may soon relax control. In the past month, investors have withdrawn approximately 1 million ETH (worth more than US$1.8 billion at current exchange rates) from centralized platforms. As this development reduced immediate selling pressure, the total number fell to approximately 15.1 million ETH units, a 10-year low.
Analysts on the Crypto X platform are mostly optimistic about the asset. Not long ago, Arthur Hayes purchased ETH worth more than $2.5 million, and prominent commentators like KALEO believe the price could rise to around $2400 in the next month. However, the latter warned that the rally could be short-lived and would then fall sharply to nearly $1200 before September.
