Cardano (ADA) Investors Get Ready to Splash the Funds as the Token Eyes 20% Upswing
- WBOYOriginal
- 2024-09-08 06:19:131096browse
Cardano (ADA) continues to hover around the $0.30 and $0.35 mark as the token struggled to breach crucial resistance levels for the last few days.
Cardano (ADA) price shows buying volume exceeding selling volume as per IntoTheBlock data. This buying pressure could drive an uptrend in ADA’s price from the current level.
The Exchange On-chain Market Depth, a metric that tracks order books on the top 20 exchanges, reveals that participants have placed buy orders for 220 million tokens. At the current price, this represents over $70 million.
In contrast, bears are attempting to sell fewer than 170 million tokens, valued at around $52 million.
As buying volume outweighs the selling pressure, Cardano’s price could be positioned for an uptrend from the current level.
Moreover, an overview of the network activity shows a significant uptick in the new, zero-balance, and active addresses metrics. This all-round increase signifies a rise in user engagement on Cardano’s blockchain.
It also implies that the rate of adoption of ADA by new participants has recently hit an impressive level. This increase in traction could be linked to Cardano’s Chang hard fork, which took place earlier this month.
If this remains the same, then the potential ADA rally could be driven by positive crowd sentiment.
A closer look at the chart shows that Cardano still faces challenges in flipping $0.32 into support. Notably, there is clear resistance at $0.34, which could impede a potential upswing.
However, BeInCrypto has identified a falling wedge pattern on the daily chart, a bullish technical indicator. This suggests that ADA may have completed its final downward move when it dipped to $0.30.
If the buying pressure continues, ADA could gradually rise, potentially reaching $0.38. However, if the token is rejected at $0.34, this upward trajectory may not materialize, and the price could fall back to $0.30.
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