Cardano (ADA) has been struggling to break through resistance levels, leading it to hover between $0.30 and $0.35. This price decline is mostly due to recent selling pressure in the market. However, on-chain data suggests that investors are now showing interest in accumulating ADA at its current price, hinting at potential bullish momentum.
Investors are gearing up to inject funds into Cardano as its price sits at $0.32, marking a 7% decrease over the past week. Insights from IntoTheBlock reveal that some market participants view this dip as an opportunity to buy before a potential market rebound.
Exchange On-chain Market Depth data shows that buy orders for 220 million ADA tokens, valued at over $70 million, outweigh sell orders for around $52 million. With buying volume surpassing selling pressure, Cardano’s price could be set for an upward trend.
In addition, a closer look at network activity indicates a notable increase in metrics such as new addresses, zero-balance addresses, and active addresses. This surge in user engagement suggests a growing adoption of ADA, potentially fueled by Cardano’s Chang hard fork earlier this month.
Moreover, a price prediction analysis indicates that Cardano faces challenges at $0.32, with resistance at $0.34 potentially hindering a significant price increase. Despite this, a falling wedge pattern on the daily chart signals a possible end to ADA’s downward trend, with a potential price target of $0.38 if buying pressure sustains.
It is crucial to monitor how Cardano responds to these price levels, as a rejection at $0.34 could lead to a retracement back to $0.30. By staying informed about market trends and technical patterns, investors can make informed decisions on their ADA holdings and potential buying opportunities.
