Logo
Cardano Ecosystem

NewsBTC

11/26/2024

·

28 views


Cardano Reclaims $1 As Network Growth Surges – Larger Breakout Ahead?

Cardano (ADA) surged past the $1 mark over the weekend, marking a significant milestone in its recent rally. However, after reaching a multi-year high of $1.15, the cryptocurrency is now navigating a 17%...

Cardano Reclaims $1 As Network Growth Surges – Larger Breakout Ahead?

Cardano (ADA) surged past the $1 mark over the weekend, marking a significant milestone in its recent rally. However, after reaching a multi-year high of $1.15, the cryptocurrency is now navigating a 17% correction as profit-taking sets in. Despite the pullback, the long-term outlook for Cardano remains bullish, fueled by renewed market momentum over the past three weeks.

The price action reflects a maturing market, with ADA consolidating gains and building a foundation for its next move. On-chain data from IntoTheBlock highlights robust growth in network activity, signaling increased interest and adoption. This uptick in activity suggests that the consolidation phase could be temporary as the broader market gains strength.

Cardano’s ability to maintain key support levels during this correction will be crucial in determining its next direction. Analysts are optimistic that the network’s growing fundamentals and favorable macro environment will drive ADA to new heights. 

As traders and investors monitor the $1 support level closely, Cardano’s evolving network metrics and bullish sentiment hint at a potential breakout shortly. Whether ADA’s price action will capitalize on these factors remains a key question for market participants.

Cardano Daily Active Addresses Growing

Cardano’s network activity shows strong growth signs, with daily active addresses increasing significantly. On-chain data from IntoTheBlock reveals that the number of new user addresses has reached its highest since June 2023. This surge in network activity signals growing adoption and increased interest in the Cardano ecosystem, which is crucial for its long-term development.

Cardano daily active addresses growing
Cardano daily active addresses growing | Source: IntoTheBlock on X

Over the weekend, Cardano reclaimed the $1 level, marking an important psychological milestone. While the price is currently consolidating, this movement comes amid a surge in network growth, indicating that market participants remain optimistic about ADA’s future. IntoTheBlock’s analysis on X suggests that Cardano could be preparing for a bullish breakout, with the potential to rise to new price levels as the current consolidation phase stabilizes.

Despite the recent pullback from its multi-year high of $1.15, Cardano is still well-positioned for further growth. ADA remains more than 230% away from its all-time high (ATH), around $3.1, suggesting significant room for upside as the network matures and attracts more users.

If the price maintains support above the $1 level and network growth continues to trend upwards, Cardano could be primed for its next bullish move. With the growing number of daily active addresses and a significant gap to its ATH, the potential for a strong rally remains intact. Investors are watching closely to see if Cardano can sustain this momentum and capitalize on the surging network activity in the coming months.

ADA Demand Remains Strong

Cardano is trading at $0.93 after an impressive 250% run from November 5 to its yearly high of $1.15. The price has since retraced more than 17% since Saturday morning’s peak, as it now attempts to find strong demand above the $0.90 level. This retracement is part of the natural consolidation process following a sharp rally, and ADA must hold above $0.90 to maintain bullish momentum.

ADA testing crucial demand
ADA testing crucial demand | Source: ADAUSDT chart on TradingView

If ADA manages to hold above this level, it could position itself for a potential breakout, with the next key supply levels lying above $1.25. Such a move would indicate that the current pullback is simply a healthy correction before another leg up.

However, if ADA loses the $0.90 level and fails to reclaim support, a deeper correction could follow, potentially bringing ADA to test lower levels. In that case, the next critical support zone would likely be closer to the $0.80 mark, where ADA might find further demand.

Overall, ADA’s price action remains bullish in the longer term, but it needs to maintain support above the $0.90 mark to continue its upward trajectory and reach new supply levels above $1.25.

Featured image from Dall-E, chart from TradingView

AD

Cardano Catalyst Project - Discover and Vote for our proposals in Fund 13 by December 12, 2024 11:00 UTC

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Cast your vote today, find our proposals by searching "CardanoFeed" in the Voting App.Vote for Us


Read Original Article on NewsBTC

ORIGINAL SOURCE

https://www.newsbtc.com/news/cardano/car...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from NewsBTC

See more
Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout
NewsBTC
Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout

yesterday at 11:14 AM

·

4 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)