- ADA experienced a 6% drop in price after crossing the $1 mark.
- A few metrics and the rising active address count hinted to a positive reversal.
Cardano [ADA] In recent months, the network has seen an explosion in activity. The blockchain has reached a new level, which was not seen since 2023.
Will the recent surge in network activity end ADA’s consolidation phase, after a small pullback away from $1?
Cardano has reached a new height!
AMBCrypto reported ADA has managed to reach $1 earlier this week. The bears took over and have pushed the price below this level.
The price of ADA dropped by more than 6% over the course of just 24 hours. After the price adjustment, there were still 2.97 millions ADA accounts in profit. This accounted for 67%.
IntoTheBlock, amidst the current market turmoil, posted a tweet A major update to Cardano is revealed.
According to the tweet, ADA network activity is surging. The number of users has reached its highest level since June 2023.
An increase in this metric indicates more users and investors, which can lead to price increases.
The confidence was not only shown by active addresses but also long-term owners. The graph showing the steady increase in the number of active addresses that have held ADA over a year was a good indicator.
Source:
Is this enough to break out?
AMBCrypto looked deeper into these indicators, which seemed optimistic. They also hinted that ADA could reach a range between $1.50 and $1.55. As of the press deadline, the token traded at $0.984.
While the price of the token dropped, so did its volume. It was a sign that the trend could be changing.
However, its social volume also declined – signaling a drop in Cardano’s popularity. ADA’s latest MVRV has also dropped due to the recent price correction.
Santiment
MA Cross technical indicator showed that bulls still dominated the bears. ADA could find some support at its 9-day MA, but this depends on the market conditions.
If Cardano falls below this mark, then investors can expect Cardano’s price to fall back down into the range between $0.6 and $0.8.
Here’s a list of realistic and not-so-realistic images. ADA’s market cap in BTC’s terms
If the increasing network activity and volume drop spark a bull run, ADA could once again try to test its resistance of $1.
If the breakout is above this, it won’t surprise you to see ADA target $1.5 in future.
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Source: ambcrypto.com
