- Cardano seems to have found a strong foothold for $ 1.
- Meanwhile, investors have gone to their ADA holdings.
- If buying pressure continues, the ADA could rise towards $ 1.60.
Share this article
Investors seem to be accumulating ADA at a discounted price. On-chain data show that buying pressure is always high while Cardano is building a solid level of support that can prevent further losses.
Cardano looks bullish for over $ 1
Cardano seems to be collecting upward pressure for the breakout.
ADA has been in a sharp recession since reaching a record high of $ 3.16 on September 2, 2021. The market value of smart contract blockchain has fallen by nearly 71% due to the sharp rise in profit taking.
However, bystander investors now seem to be using downswings to accumulate tokens at discounted prices.
According to Santiment’s on-chain data, the number of addresses holding ADA has increased by 15,000% since December 15, 2021. Since then, about 3,900 large wallets have been created, and the interest of individual investors has skyrocketed.
The significant increase in purchase orders helped Cardano create a stable support wall. IntoTheBlock’s In / Out of the Money Around Price (IOMAP) model shows that over 340,000 addresses have previously acquired 7.65 billion ADA for a price of about $ 1.
The demand zone can have the strength to absorb the surge in selling pressure and allow prices to bounce back to $ 1.20 or $ 1.60.
The odds seem to favor the Bulls, but the key move depends on the $ 1 support level. A decisive daily closing price below this barrier can panic the market and encourage investors to scale their positions. Under such circumstances, Cardano could surrender towards $ 0.66 to mark the end of the downtrend.
Disclosure: At the time of writing, the author of this work owned BTC and ETH.
Charles Hoskinson shares 2022 Cardano plan
On Christmas Eve, Cardano founder Charles Hoskinson posted a 30-minute Youtube video, reviewing some of Cardano’s greatest achievements in 2021 and sharing some of its biggest plans. ..
What is Crypto AirDrop: Why Project AirDrop Crypto
Cryptographic airdrops occur when new tokens are freely distributed to various wallets to promote early growth and build a community. They represent popular marketing tactics that new projects use to spread …
Sundae Swap promises the first functional DEX in Cardano
Sundae Swap, Cardano’s Decentralized Exchange (DEX), was launched as a public testnet. This is the first time a project has successfully redeemed tokens using Cardano smart contracts …
CardanoAdaSwap ecosystem builder launches IDO with Cardstarter
AdaSwap, an ecosystem builder that establishes the first decentralized exchange on the Cardano network, is launching a token sale on Cardstarter to raise and drive funding from supporting investors …