Cardano Eyes $1.77 Amid Growth, Faces Overbought Risks
**The Essentials at a Glance:**
Cardano (ADA) recently broke through a key resistance level and is showing signs of a potential rally toward a price target of $1.77 USD. Increasing network activity and developmental efforts support this upward trend; however, short-term corrections could occur due to overbought market conditions. Traders should monitor technical indicators and fundamental developments to make informed decisions.
Cardano: A Look at the Current Price Movement
Cardano recently sent a bullish signal by breaking out of a descending wedge pattern. The current price is approximately $1.07 USD, with the next significant resistance level at $1.172 USD. If ADA manages to surpass this resistance, it could pave the way to a price target of $1.77 USD. However, failure to hold support at $1.065 USD could result in a pullback, presenting new buying opportunities.
What Does the NVT Indicator Say About ADA?
Cardano’s NVT (Network Value to Transactions) indicator has risen to 40.6. This value indicates an increased ratio between the network value and transaction volume, suggesting heightened investor interest. However, such a rapid increase could also point to overvaluation. Traders should closely monitor transaction activity to better assess the sustainability of the current trend.
Network Activity: A Sign of Long-Term Growth?
The number of daily active addresses on the Cardano network has risen to 40,591. This growth demonstrates stronger user engagement and underscores the network’s fundamental strength. A sustained increase in active addresses could support price stability and bolster the confidence of long-term investors. However, maintaining this momentum will be crucial to attract new participants.
Technical Indicators: Opportunities and Risks
The Stochastic RSI, an indicator for overbought or oversold market conditions, stands at 86.29, signaling that ADA is currently overbought. This points to strong buying momentum but also warns of potential corrections if buying pressure eases. The ATR (Average True Range) is at 0.0920, indicating moderate volatility, which suggests possible price fluctuations. Traders should keep an eye on these indicators to adjust their strategies accordingly.
Development Activity: A Driver of Cardano’s Growth
Cardano’s development activity has recovered to 38.71 after falling below 20 in December. This recovery highlights the network’s commitment to innovation and expanding its ecosystem. With increasing community projects and regular updates, Cardano continues to attract developers. These advancements bolster ADA’s long-term growth narrative and could further strengthen market participants’ confidence.
You should read that too:
Our Assessment
Cardano currently shows a solid combination of technical strength and fundamental support. The breakout above key resistance levels, increasing network activity, and revived development efforts point to a continuation of the upward trend. However, traders should exercise caution, as overbought conditions could trigger short-term corrections. With a clear focus on market indicators and fundamental developments, ADA remains an exciting candidate for investors aiming for long-term growth.
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| Wagering requirements | 40x bonus |
| Minimum deposit | 0,1 mBTC |
| Maximum bet | $5 per spin |
| Bonus validity | 7 days to wager |
- There is no cap on winnings or withdrawals.
Advertising transparency