Cardano Update: ADA Aims for $3, On-Chain Measurements Show…
Contributor
Share this article
- ADA has surged past earlier price levels and is now eyeing the significant resistance at $1.40, with an ambitious target set at $3.00.
- Encouraging on-chain metrics and development activity indicate persistent upward momentum, despite lingering bearish sentiment in some circles.
Cardano [ADA] is making headlines in the cryptocurrency landscape, achieving a record-breaking 130,000 transactions per second on its network. As of now, ADA is trading at $1.22, reflecting a slight decline of 0.28% over the past 24 hours.
Although this minor dip exists, the cryptocurrency has successfully exited a lengthy consolidation period and is heading towards a pivotal resistance level at $1.40.
A successful move could ignite a potential rally for Cardano and propel ADA to unprecedented heights. However, questions remain about whether it can maintain this momentum or if it will encounter resistances along the way.
ADA chart analysis: A breakout to new heights?
The recent surge above its consolidation range has garnered attention from traders as ADA approaches that significant resistance mark of $1.40—critical for its next growth phase.
If ADA manages to surpass this threshold, the following target may very well be $3.00. The Stochastic RSI reading of 100 highlights strong bullish activity and suggests that ADA might be considered overbought by market standards.
This scenario could foreshadow an impending correction unless there’s sustained momentum post-breakout.>
Do ADA’s on-chain metrics bolster the rally? b >
h2 >
The positive trend reflected in Cardano’s on-chain metrics strengthens its bullish outlook; notably,
new addresses have surged by +53.95 percent within just seven days—an encouraging sign suggesting increasing user interest in Cardano’s ecosystem.
Additionally,
the number of active addresses also demonstrated growth with an increase of +42.13%, indicating heightened user engagement.
Moreover,
the rise in zero-balance addresses by +54.28 percent suggests that new participants are increasingly attracted to this ecosystem,
supporting speculation about ongoing price changes driven by these trends.
span >
p >
Source: IntoTheBlock.
What insights do long/short ratios and trading sentiment provide?
Currently ‘s long/short ratio favors short positions slightly; while 52 .17 %are comparatively short holders against478 .33 %who wield longs among traders . This tilts toward lower confidence across markets They display overall negative feelings Thus while gaining above threshold likely opens potential for visible squeezing opportunities should further gains materialize–especially if continued rallies any signal upside breakouts emerge thereafter testing respective higher limits near established voltage gaps between clear cut thirds .
span="">
source misc space fillers]] but lacks good links
|075O ./’
