- Cardano’s social network activity is on the rise, but could it be an indication of a price increase?
- ADA’s wedge-shaped pattern.
Cardano [ADA] It was the most popular blockchain network over the past 24 hours. This could have been a response to comments made by the founder. Charles HoskinsonCardano, according to the person who said it would flip Bitcoin.
Hoskinson might be able to build on Cardano’s social momentum that he has already achieved since October. Messari says that Cardano’s followers in X have dropped dramatically from March until September. It is now enjoying the largest recovery it has ever experienced.
In March, the number of network followers reached a peak above 836,000. The number of followers dropped in the following months, and it recently reached a low point just under 822,000 at the end September. It lost more than 14,000 subscribers.
Cardano has 823.870 supporters at the time of press, meaning it gained over 2,000 followers since the beginning of the month. This indicates renewed interest in the project as there is historical correlation between the followers and price.
Cardano’s ADA could enjoy a bullish recovery for weeks or even months.
Do ADA bulls prepare for a major move?
This surge of users may indicate a change in sentiment that favors ADA bulls.
Since the beginning of this year, prices have been converging in a wedge-shaped pattern. A pattern change is therefore imminent. At press time, ADA was trading at $0.351.
TradingView
ADA retested support for Friday, October 18th, which could indicate that a positive recovery is gaining strength.
Since the second week in October, Cardano’s network transactions have been increasing. On the 6th of October, it recorded 26,900 transactions. On the 19th of October, it had a total of 43,750 transactions.
Source: IntoTheBlock
It is possible that the surge in transactions activity indicates that demand for ADA within Cardano’s ecosystem has increased. It may not be a sign of an increased demand in the market.
The historical data on ADA concentration shows that the whale category controlled 3,19 billion coins, or 8,95% of their supply as at 1st Oct. This same category of whale controlled 3.2 million ADA, or 8.98%.
Source: IntoTheBlock
You can read more about it here Cardano’s [ADA] Price Prediction 2024–2025
Investor balances fell from 7,25 billion ADA down to 7,24 billion ADA in the same three-week period. Retail balances increased from 25,18 billion coins up to 25.19 milliards coins.
The increased demand for ADA from whales may not be a bad thing, but the selling pressure of the investor class could make it lessen. This suggests that the demand for ADA is modest.
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Source: ambcrypto.com
