Cardano Holds Key Support Amid Bullish Sentiment
Key Takeaways
- Cardano (ADA) is currently testing a key support level around USD 0.74.
- The 1.23% price loss over the past 24 hours contrasts with a monthly performance of +9.09%.
- Spot purchases are increasing – over USD 57 million worth of ADA has been withdrawn from the market in one week.
- At the same time, the number of active on-chain users is dropping significantly – a potential warning sign.
- A breakout to the upside could push ADA towards USD 1 – a breakdown below support could lead to a decline.
Cardano at a Crossroads: Between Rally and Reversal
Cardano (ADA) is currently at a critical juncture. The price is moving along an ascending support line on the daily chart – an area where upward movements have often started in the past. If this historical pattern repeats, a 30% increase to approximately USD 0.96 is conceivable.
However, if ADA fails to hold this level, a drop back to the base of the formation at USD 0.558 could follow. This would be a technical warning signal that could trigger further downside potential in the medium term.
Spot Buying Supports the Price
A look at trading activity shows that spot buyers are currently supporting the market. According to data from Coinglass, USD 57 million worth of ADA has been withdrawn from the market over the past seven days – the highest value since March 3. In the last 24 hours alone, the purchase volume totalled USD 3.36 million.
These exchange outflows suggest that investors are transferring ADA to private wallets. This points to a long-term holding strategy and short-term bullish sentiment.
Declining User Numbers Raise Concerns
Despite positive buying activity, Cardano is losing active users. According to Artemis, the number of active addresses on the blockchain has fallen from 60,600 to just 20,600 – a decrease of about 66%. This may indicate declining interest or reduced network activity.
The futures market confirms this trend. The Taker Buy/Sell Ratio – the ratio of buy to sell orders – is currently at 0.9531. A value below 1 indicates that sell orders dominate, suggesting a more pessimistic market sentiment among short-term traders.
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Liquidity Zones Set the Direction
The current price action is taking place between two key liquidity zones – around USD 0.74 and USD 0.78. These areas typically attract high trading volumes and can act as resistance or support levels.
As long as ADA remains between these levels, the direction remains unclear. Only a clear breakout – either up or down – will determine the next trend. The key will be whether buyers or sellers gain momentum.
Our Assessment
Cardano is in a critical phase. From a technical perspective, the current support line offers a chance for a rally towards USD 1. The increasing spot purchases suggest a bullish outlook among long-term investors.
At the same time, the drop in active users is a cause for caution. If the support fails to hold, a decline to significantly lower price levels is possible. Anyone invested in ADA or considering entering should closely monitor price developments in the coming days – particularly in the USD 0.74 to USD 0.78 range.
Sources
- Coinglass
- Artemis
| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 0.738029 |
| 24h % | -1.36 % |
| 7d % | -8.23 % |
| 30d % | 3.59 % |
| 60d % | 10.89 % |
| 1y % | 62.08 % |
| Market Cap | $26,635,437,129.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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