Cardano (ADA) Poised For Continued Growth: On-Chain Indicators Display Positive Trends

Cardano, like other cryptocurrencies such as Bitcoin and Ethereum, has had a bullish start to 2023. The price of ADA rose from $0.243 to $0.4, a 66.6% increase, before hitting resistance. In recent weeks, a rising wedge pattern has formed, indicating a potential correction of 15% to $0.325 if a bear cycle occurs. 

On the other hand, if the bulls maintain control, Cardano may surpass $0.38. Currently, ADA is trading at $0.3719 after a 1.88% decline in the past 24 hours.

Bullish Signals For ADA

The on-chain data indicates that the bulls are dominating Cardano’s ADA and a potential price surge is expected in the near future. Approximately 4 billion ADA has been accumulated by 90,000 wallets in the trade range of $0.365 to $0.376.

ADA remains above its support level of $0.36, signaling a potential continuation of the bull run. The launch of Djed, a US-pegged stablecoin, on the ADA network this week, could further boost the cryptocurrency.

However, as with any investment, it is crucial to consider market volatility and associated risks before making a decision.