- Buy Signal Shows up on the Cardano ADA Price Charts After Weeks of Bearish Pressure
- More Than 6000 New Addresses have Registered on the Cardano Network
- Cardano ADA is Risk of Falling Below the $0.08 Level
Cardano News Today – Ever since the successful Cardano Shelley update, the price of the token has been in the bearish territory moving lower and lower against the USD and Bitcoin BTC. Today, a buy signal appeared on the price charts despite the significant fall in price. If the buyers respond, the token might surge higher from its current level to the resistance at $0.093. The current bear market might be just what the token needs for an upside swing. The buy signal comes after the ADA token falls below the 200 days moving average. Now, this level is serving the support preventing lower lows near-term.
Cardano News Today – Cardano ADA Still in Line for a Rebound Despite Current Price
At the time of writing, the price of Cardano ADA was $0.081749. This means it is up by 0.19% against the USD and down by 0.34% against Bitcoin BTC. The trading volume over 24 hours was $452,915,022 and the market capitalization was $2,543,410,573. The technical indicators show that there is still hope for the bulls to come back to the market. For one thing, the TD Sequential indicator has presented a buy signal and a bullish formation has appeared as a red nine candlestick. The stronger the buying pressure is for the ADA token, the higher the possible upswing.
Cardano (ADA) Price Today – ADA / USD
This is happening at the same time as an increase in participation on the Cardano blockchain. More people are building on the Cardano blockchain and more investors are buying the Cardano ADA token. Yesterday, more than 6000 new addresses came onboard the Cardano blockchain. This represents a 5% spike in just four days according to on-chain metrics and network growth is almost always a precursor to growth in price. If the network surge continues for a long time, there is a strong chance that the price of the blockchain’s native token will surge.
If the price of Cardano ADA starts to rise, it will face resistance at the $0.082 level. A surge above this level will lead the price of the token to the next resistance at $0.085. Statistics from IntoTheBlock revealed there is a lot of buying pressure around this level. The last time the price of the token was at this level, more than one billion ADA tokens were purchased by 11,000 addresses. Higher highs will take the ADA token to the $0.093 level where the resistance is strong.