Cardano (ADA) Price Consolidates After Bears Domination Halt

Altcoin News

• Cardano has been up 1.44% in the last 24 hours.
• On March 6, the price of Cardano slipped below a demand zone.

The number of open wallets on the Cardano blockchain has almost surpassed 3.5 million, according to Messari on-chain analytics. Out of the millions of wallets on the network, only a tiny percentage of them are currently in use. Only 136,800 wallets are now operational, according to Messari’s findings. Because there are so few active wallets, it’s safe to assume that the vast majority of Cardano users aren’t doing anything with their digital money.

Significant Support Level

Cardano’s price continues to rise as it hangs precariously on the final significant support cluster. This hugely oversold cryptocurrency should thus be closely monitored by investors since there is a strong probability of accumulation. Regardless, ADA seems to be headed down in the immediate future.

On March 6, the price of Cardano slipped below a demand zone stretching from $0.843 to $0.916 and turned it into a breaker. Because of the new breaker, the rebound was met with rejection and massive selling pressure, culminating in a 7% downswing.

ADA/USDT: Source: TradingView

Consolidation began after this move, with the swing bottom at $0.775. It seems that sell-stop liquidity exists underneath ADA’s current price low as ADA starts to coil up. As a result, investors should anticipate Cardano’s price to rise from the recent lows before deciding on a trend. If the bears gain control, ADA is expected to fall below the immediate support level of $0.676.

Cardano’s price might settle at this stage after a 12-percent drop, at which point it will be re-evaluated for its strengths and faults. According to CoinMarketCap, the Cardano price today is $0.807110 USD with a 24-hour trading volume of $1,008,040,528 USD. Cardano has been up 1.44% in the last 24 hours.