The News Crypto -
- Investment products focused on Cardano (ADA) experienced an unprecedented 1,016% spike in inflows over the past week, reaching $6.1 million.
- Cardano now ranks third in inflows over the last seven days, behind Bitcoin and Ethereum.
- ADA has garnered a 2023 year-to-date haul of $11 million in investment products.
Over the past week, investment products focused on Cardano (ADA) saw an unprecedented spike in inflows, vaulting over 1,000% higher week-over-week, according to CoinShares data. The report revealed $6.1 million has entered ADA funds lately as analysts simultaneously call for a decisive price breakout.
Per the digital asset flow figures, Cardano now has the third-highest inflows over the last seven days, trailing only leaders Bitcoin and Ethereum. But its 1,016% weekly fund growth decisively outpaces the rest of the crypto market.
Buoyed by strengthening investment demand, ADA also holds an impressive 2023 year-to-date haul of $11 million in its investment products. The sudden investor appetite spotlights conviction in Cardano’s blockchain growth, pursuing last September’s Vasil hard fork upgrade.
Cardano eyes further upside
At the same time, crypto chart analyst Ali Martinez highlights formidable ADA price resistance between $0.54 and $0.56.
However, Martinez suggests a daily close above that supply wall may enable a 26% Cardano price spike toward the $0.68 level. And with bullish momentum accelerating courtesy of heavy capital inflows, ADA appears positioned for an imminent volatility breakout.
#Cardano faces a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately 2 billion $ADA. Overcoming this resistance could pave the way for a bullish move toward $0.68! pic.twitter.com/SZJuDe5UQg— Ali (@ali_charts) February 11, 2024
Of course, ADA bears could still overwhelm emerging upward pressure and force prices lower in the short run. However, it seems clear that strengthened fundamentals combined with profit-seeking traders eyeing key resistance now place ADA at a critical level.
A decisive move outside its current range should set the tone for February price action and determine if fresh investment can propel Cardano higher or if technical selling caps further upside.
If Martinez’s optimistic target gets hit, this newfound institutional interest could fast-track additional Nav rallies. And an escape from its multi-month bear market may prove the catalyst that converts market-leading fund inflows into sustained, game-changing ADA price appreciation through 2024.
This article was originally published on thenewscrypto.com
