Cardano (ADA) Shows Potential for Price Increase Amidst Market Volatility
The Key Points at a Glance
The cryptocurrency Cardano (ADA) shows signs of a possible price increase to $0.40 in the near future. An increase in network activity and a buy signal from the Tom DeMark (TD) Sequential indicator support this forecast. However, caution is advised as market fluctuations remain high.
Cardano’s Upward Trend: A Closer Look
Cardano (ADA) has recovered along with the broader market, but the signs point to a further upward trend. The TD Sequential indicator, which indicates trend exhaustion and possible turning points in the price history of a cryptocurrency, has triggered a buy signal on Cardano’s chart. Currently, ADA is trading at around $0.38, with the potential to exceed the $0.40 mark if the signal is confirmed.
Network Activity as a Price Indicator
To fully assess ADA’s potential, it is important to include network activity in the analysis. An examination of active addresses, newly created addresses, and zero-balance addresses shows that ADA adoption is increasing. In particular, the number of new addresses has increased by 30.70%, while active addresses have increased by 40.80% and zero-balance addresses by 29.24%. These gains suggest a rising demand for ADA, which could further drive the price.
Buying Opportunity Through Price-DAA Divergence
The Price-DAA (Daily Active Addresses) divergence is another important indicator that provides insight into potential entry and exit points. A negative divergence of -36.85% shows that network activity has grown compared to the price of ADA, which represents a strong buy signal. If this trend continues, ADA could not only reach the $0.40 mark but could potentially rise to $0.42.
Market Volatility as a Risk Factor
Despite the bullish outlook for ADA, investors should not overlook the persistently high volatility in the crypto market. This could lead to significant price fluctuations, which is why some caution is advised. Currently, the bulls have the upper hand, but short-term bearish tendencies cannot be ruled out.
Our Assessment
Cardano (ADA) shows clear signs of a possible further upward trend, supported by positive network activity and technical indicators. The prospect of a rise to $0.40 or even higher is realistic. However, it is important to keep an eye on market risks and carefully weigh investment decisions. The developments around ADA offer both opportunities and challenges that need to be navigated.
Sources: IntoTheBlock, Santiment
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