Cardano Inflows on a Rising Streak but ADA Slips Below Support

The majority of cryptocurrencies on the market appeared to be in the red. Bitcoin is battling to stay in the green after setting a new all-time high after a huge rise in “Uptober.” Many altcoins followed Bitcoin’s lead. Big investors, on the other hand, remain enthusiastic about cryptocurrency.

The price of Cardano appears to be locked between $1.95 and $2.15. The price jumped to $2.368 last week before decreasing to $2.05. The slow movement of the asset has traders worried, as altcoins such as SOL, LUNA, and AVAX rise to dethrone ADA. 

At the time of writing, ADA has dipped to $1.83, down by 4.7% in the last 24 hours. In case of a further downfall, the support on the downside is at $1.70. However, if ADA ditches the trend and rises higher, resistance is at $1.96.

Huge inflows for Cardano

According to CoinShares’ November 15, Digital Asset Fund Flows Weekly report,

Cardano was at the forefront of the charge, attracting huge altcoin inflows. Its inflows reached $16.4 million last week, up from $5 million in the previous week. Weekly inflows increased by 227 percent as a result of this.

Cardano’s meteoric climb, in particular, has come as little surprise to many. This increase is due to new advancements within its ecosystem, as well as varied relationships across regions such as Africa. In reality, it appears that these advances are producing other outcomes as well.

Coinshares added, “…We cannot identify a discernible catalyst at this point. The inflows are likely due to increasing positive investor sentiment for “World computer” coins.”

In addition, Solana (SOL), Polkadot (DOT), and XRP had $9.8 million, $5.2 million, and $3.1 million in inflows over the week, respectively.