- Cardano sees $70M in buy orders, signaling potential bullish momentum.
- ADA faces resistance at $0.34 but could rise to $0.38.
- Network activity increases, boosting investor confidence in Cardano’s upward potential.
Cardano (ADA) is showing signs of life as buyers are starting to take action. After hovering between $0.30 and $0.35, the token experienced a drop due to selling pressure. However, new data reveals that investors are now stacking up ADA at its current price, signaling potential bullish momentum. Could this be the start of a rally that pushes ADA back to higher levels?
Investors Eye $70 Million Move
Cardano’s price currently sits at $0.32, down 7% over the past week. Despite the decline, data from IntoTheBlock suggests some investors are seeing this dip as an opportunity to buy.
Over $70 million in buy orders have been placed for 220 million ADA tokens, outpacing sell orders worth $52 million. This shift in buying activity hints that ADA could be gearing up for an upward move.
Further boosting investor confidence is a rise in Cardano’s network activity. Metrics like new addresses and active wallets are seeing significant growth. More participants are engaging with ADA, which is often a bullish signal.
Can ADA Break Resistance?
Although Cardano shows signs of strength, it’s not out of the woods yet. The token is facing resistance at $0.34, a key level it must flip to support.
There’s also a falling wedge pattern on the daily chart, a bullish indicator suggesting ADA may have bottomed out at $0.30. If the buying pressure continues, ADA could climb to $0.38.
However, failure to break past $0.34 could see the price dip back to $0.30. It all depends on whether the bulls can maintain momentum and push ADA past its current resistance.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
