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- Cardano’s on-chain metrics have indicated a potential buy signal, sparking interest among investors.
- The $0.43 resistance zone is eyed as a take-profit zone amidst potential short-term uptrends.
- Despite bearish technical indicators, recent analysis suggests a tentative recovery for ADA.
Cardano shows signs of potential recovery with on-chain metrics showing optimism amid bearish trend.
Potential Upside for Cardano Amidst Bearish Environment
Cardano (ADA) is showing signs of possible recovery despite being in a downtrend on the daily timeframe. While the technical indicators remain bearish, trading just beneath a key resistance level of $0.355, a closer look at on-chain metrics provides a glimmer of hope for bullish traders. The question remains: will ADA’s recovery materialize in the coming weeks?
Cardano Struggles to Set a Higher Low
The On-Balance Volume (OBV) has remained relatively flat following a significant drop in early August, indicating that buying volume has yet to overpower selling pressures. The daily Relative Strength Index (RSI) sits at 40, emphasizing a bearish momentum. This trend is mirrored in the price action, which reveals ADA’s gradual ascent since dropping below the $0.3 mark. If ADA can breach the $0.355 resistance, a short-term bullish structure with higher lows and higher highs on a lower timeframe may form, but the key resistance level to watch on the daily chart remains at $0.429.
Increased Network Activity as a Bullish Signal
According to the analysis of on-chain metrics, ADA’s 30-day MVRV ratio is negative, indicating an undervaluation. However, the rising mean coin age suggests accumulating behavior, providing a buying signal. Furthermore, the number of daily active addresses has increased since mid-July, with notable spikes on August 5th and 8th, possibly driven by market volatility. This uptick in network activity signals increased speculation and demand, potentially paving the way for a stronger price performance if the trend continues.
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Conclusion
In summary, while Cardano’s (ADA) technical setup remains bearish, with key resistance levels challenging its price recovery, the on-chain metrics provide a positive outlook. Increased network activity and a rising mean coin age suggest accumulating interest and speculative demand for ADA. Traders should keep a close watch on the $0.355 and $0.429 resistance levels to gauge ADA’s short-term and long-term recovery potential, respectively.
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