Convergence

Cardano

Divergence

<p>Cardano’s native token ADA saw a significant price surge this week, rallying over 15% from around $0.30 to current levels of approximately $0.35. This price movement comes as ADA aims to test a key resistance zone, according to crypto analyst SwallowPremium.</p>
<p>In their recent TradingView analysis, SwallowPremium <a href="https://www.tradingview.com/chart/ADAUSDT/rnUvbk9X-ADA-USDT-waiting-for-upper-zone-to-be-filled/" target="_blank" rel="noopener noreferrer nofollow">notes</a> that ADA is showing a marked uptrend and approaching an area of resistance. They suggest traders be cautious and prepared for potential price reversals as <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a> nears this zone.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="449" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-1024x449.png" alt="" class="wp-image-370964" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-1024x449.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-300x131.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-767x336.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-1536x673.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-2048x897.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-342x150.png 342w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-100x44.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-799x350.png 799w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120-788x345.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-120.png 1465w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>Although the Relative Strength Index (RSI) shows ADA is currently overbought at 67, the Moving Average Convergence Divergence (MACD) indicator remains bullish with the MACD line above the signal line.</p>
<p>ADA’s rally this week also coincided with a spike in daily active addresses on the Cardano blockchain. On November 3rd, ADA active addresses passed 50,000 – the highest level since July.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="347" src="https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-1024x347.png" alt="" class="wp-image-370956" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-1024x347.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-300x102.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-768x260.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-1536x520.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-2048x693.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-443x150.png 443w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-100x34.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-1034x350.png 1034w, https://captainaltcoin.com/wp-content/uploads/2023/11/Cardano-ADA-12.32.30-06-Nov-2023-788x266.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>This on-chain activity hints that trader and developer interest in the network is increasing.</p>
<p>As ADA aims to test key resistance around $0.35, SwallowPremium recommends waiting for a rejection from this level before considering bearish positions. Upside however may be limited given overbought conditions.</p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/why-is-ada-price-up-cardano-rallies-on-heightened-network-activity/" rel="noopener noreferrer nofollow">Why is ADA Price Up? Cardano Rallies on Heightened Network Activity</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is ADA Price Up? Cardano Rallies on Heightened Network Activity

Table of Contents

CaptainAltcoin

Other articles published on Nov 6, 2023

Shiba Inu (SHIB) Unseats Bitcoin Cash as Market Phenomenon Revealed

Pepe Coin Price Prediction: Here’s Why $PEPE May Surge Another 22%

Bankrupt Crypto Exchange FTX, Grayscale and Bitwise Seek Court Approval to Sell Their Assets!

Intel Ignite Launches Its Sixth Cohort in Europe

How Centralized Crypto Exchanges Operate and Influence the Cryptocurrency Industry

Hong Kong to allow retail investors to participate in spot ETFs

Join our free newsletter for daily crypto updates!