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The Cardano price prediction shows that ADA is attempting to break more upsides as the coin moves to cross above the channel.
ADA Activity Surges: Exploring On-Chain Metrics for Future Insights
ADA has experienced a significant increase in activity, marked by a surge in the number of large transactions. An astounding 25 billion ADA were moved within a single 24-hour period. This on-chain activity mirrors ADA’s price movement, prompting a closer examination of on-chain metrics and their potential implications for the asset’s future trajectory.
Cardano Statistics Data:
- Cardano price now – $0.52
- Cardano market cap – $17.7 billion
- Cardano circulating supply – 35.6 million
- Cardano total supply – 36.8 billion
- Cardano CoinMarketCap ranking – #10
ADA/USD Market
Key Levels:
Resistance levels: $0.70, $0.75, $0.80
Support levels: $0.35, $0.30, $0.25
The Cardano price is attempting to cross above the 21-day moving average while the $0.45 support level remains the critical support. However, for the past few days, ADA/USD has been hovering above the 9-day moving average, and this could push the coin to gain more upsides.
Cardano Price Prediction: Will Cardano Move Higher?
The Cardano price may continue to rise and could probably trade near the upper boundary of the channel if the bulls defend the $0.52 level. Therefore, any further bullish movement above the channel may push the price to the potential resistance levels of $0.70, $0.75, and $0.80.
Therefore, this technical analysis may be invalidated if the bears break below the channel’s lower boundary, which could hit the support levels at $0.35, $0.30, and $0.25. Meanwhile, the 9-day moving average remains below the 21-day moving average, which could bring bearish signals into the market.
ADA/BTC Remains at the Downside
Against Bitcoin, the Cardano hovers within the 9-day and 21-day moving averages as the coin touches the resistance level of 782 SAT. However, any further bullish movement toward the upside may create additional gains for the market.
Nevertheless, if the buyers increase the buying pressure, higher resistance could be located at 1000 SAT and above. Looking at the daily chart, the 9-day MA is likely to cross above the 21-day MA, indicating that buyers are coming to play. Meanwhile, should the bulls fail to move the current market value to the upside, bears may return to the market, and the nearest support level could be located at 600 SAT and below.
@Eilert shared on X (formerly Twitter) with his followers that during the last retest of the bull market support band, $ADA took nearly 12 weeks to reclaim its position above it. Currently, we’re only in week 2. In the meantime, take a breather and immerse yourself in exploring the #Cardano ecosystem before its potential explosion.
The last time $ADA retested the bull market support band, it took almost 12 weeks to get back above it.
We're now on week 2.
Meanwhile, just relax and spend time getting to know the #Cardano ecosystem before it blows up. pic.twitter.com/C9HBAlRp9t
— Eilert (@Eilert) April 24, 2024
Alternatives to Cardano
Cardano has displayed resilience with an upward trajectory, supported by technical analysis. Currently touching a resistance level of $0.523, Cardano sustains its bullish momentum, with the 9-day Moving Average (MA) signaling continued positivity. As the 10th largest cryptocurrency with a market cap of $17.7 billion, Cardano’s slightly bullish trend persists. Meanwhile, the Dogeverse presale, a multi-chain meme coin, concludes after raising $10.5 million, offering investors a chance to join a pioneering revolution.
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