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Cardano Ecosystem

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03/09/2024

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Trader’s Interest Over Cardano Surges! Here’s What's Next for ADA Price in the Coming Days!

As crypto markets gain momentum, trading interest flows into Cardano as traders appear to have become optimistic about the upcoming trend. Even though the price is experiencing equal pressure on both ends, the bulls are believed to manifest extreme strength and achieve the interim milestone at $1

Trader’s Interest Over Cardano Surges! Here’s What's Next for ADA Price in the Coming Days!
CARDANO

The crypto markets have gained momentum again as Bitcoin prices managed to form a new ATH at $70,000. Similar to the previous price action, the bears jumped in quickly, as it appeared that they had anticipated a bullish move as the token was trading within a ‘key-resistance’ zone. This strengthened the altcoins, specifically Ethereum and the popular memecoins, along with AI-based tokens. 

Besides, the third-generation token, Cardano, has been flashing acute bullish signals as the trader’s interest in the platform appears to have soared over time. 

The price of ADA maintained an ascending trend throughout February and has reached a resistance that appears to have been causing some hindrance. Mainly due to the token’s attempt to breach above the levels, it failed to hold in May 2022 following the infamous Terra ecosystem collapse. Hence, the upcoming weekend may be considered pivotal, as a breach above these levels may elevate the price beyond $1 very quickly. 

The weekly chart of ADA prices suggests the token has been following a pre-determined pattern ever since it triggered a recovery. After completing the 5-Elliot wave, the token triggered a healthy rebound and appears to be following a similar wave pattern. With this, the ADA price appears to have completed 2 Elliot eaves and is heading to complete the third one. It is worth noting that the price followed a 5-wave while plunging but may certainly reach the neckline following the 3rd wave. 

This suggests the growing strength among the bulls, which is now accompanied by the rising activity of the traders on the platform. The data from Santiment suggests the platform has experienced a rise in trading activity in the past fortnight. 

The number of daily active addresses soared to a new yearly high of 76,445, a couple of days ago. This was when the price was trying hard to recover from the massive drop that was observed during the previous trading day. This also attracted a significant rise in trading volume, which lifted the levels towards interim highs at $0.8. 

Although the price of ADA has been consolidating within a narrow range, it appears that the bulls are preparing for a greater price action in the short term. With this, the possibility of recovering $0.8 during the weekend may pave the way for Cardano to clinch $1 in the next few days. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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