ADA poised for 9% surge amid rising network activity and whale accumulation, indicated by an increase in large transactions, suggests positive momentum in ADA Price. Chang update is set to launch soon.
Article Highlights
- ADA Price could see a 9% gain amid rising network activity.
- Network transactions and active addresses are at multi-month highs.
- Cardano price faces major resistance around $0.36-$0.38.
- Pawfury is posed to yield big returns for investors
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Technical Analysis: Can ADA Price Inch Higher?
ADA price increased on the last day together with the entire market. The ADA chart shows some upward movement, but weak volume signals the rise may be short-lived.
The cardano price chart shows a clear overall downward trend. The price recently formed a rising wedge pattern, which is typically a bearish continuation pattern.Cardano price has support around $0.28, which aligns with the projected breakdown target from the wedge pattern and previous support areas.
ADA Price Chart
Source: Tradingview
There is some resistance around $0.36 – $0.38, where the 200 exponential moving average (EMA) (black line) is currently at. Further resistance also exists near the rising wedge’s upper boundary. The pattern of recent candlesticks within the wedge suggests indecision but with a slight bearish bias, especially considering the wedge is preceded by a downward trend. Nevertheless, if the ADA price action can rise and break above the 200 EMA, it would invalidate the bearish thesis.
Network Stats Hint Short-Term Rally
Data from Messari Research, a blockchain analysis firm, shows Cardano network activity is rising. While the number of transactions hit a two-month high, the cost of transactions on the network dropped to a 9-month low. This suggests the Cardano network is scalable and can take on more traffic without being expensive. A scalable network is a bullish signal for price.
Additionally, the number of active addresses on the Cardano network surpassed a four-month high, rallying back to figures recorded around the March mini-bull run. A rise in active addresses which may translate to a bullish price.signals investors are flocking into the network.
Cardano’s open interest, per Coinalyze, increased by 6.16% over the last 24 hours, indicating an inflow of capital into the asset. Coupled with the increasing price, the ADA price may continue rising until the next major resistance around 200 EMA. That would constitute a 9% increase from the current price.
Additionally, IntoTheBlock analytics show the number of large transactions on Cardano increased notably between August 7 and 8. While not as high as on August 5, it is still a 0.10% markup from yesterday’s low.
Coupled with the increasing price of Cardano, it may signal that whales are accumulating Cardano, which is a bullish signal.
Conclusion:
The cryptocurrency market remains dynamic, with established players like Cardano showing resilience and potential for growth, while new entrants like Pawfury introduce innovative approaches to attract investors. Pawfury is designed to provide a unique DeFi opportunity for gains.Pawfury is even offering a 10% bonus for first-time buyers using the code “EXTRA10X“