Cardano

Bitcoin

Resistance

The post <a href="https://coinpedia.org/price-analysis/cardano-nears-breakout-with-rising-on-chain-activity-heres-the-next-resistance-for-ada-price/">Cardano Nears Breakout With Rising On-Chain Activity! Here’s The Next Resistance For ADA Price</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Cardano has consistently appeared on the list of top gainers, due to its price experiencing significant increases and surpassing crucial resistance levels, especially after Bitcoin hit a $52K surge. Consequently, there’s been a noticeable increase in Cardano’s on-chain activities, suggesting a possible breakout in the coming hours. Nevertheless, this upward trend could face pullbacks, challenging the patience of buyers at various levels. 
<h2 class="wp-block-heading" id="h-cardano-s-rising-tvl-attracts-buyers">Cardano’s Rising TVL Attracts Buyers</h2> 
In the past 24 hours, Cardano’s price saw a total liquidation of approximately $1.26 million in positions, with both sellers and buyers playing equal roles. Recently, ADA’s price has seen an uptick in trading activity, as the open interest increased by more than 4.7%, reaching $430 million and leading to a spike in volatility. 
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This surge came following an uptick in TVL, attracting buyers recently. According to data, the Cardano ecosystem witnessed a remarkable growth in Total Value Locked (TVL) in USD, surging 166% quarterly and 693% annually. Indigo became the top protocol by TVL, surpassing Minswap. The TVL of Cardano’s stablecoins grew by 37% quarterly and 673% annually. Currently, the TVL for Cardano is at $401.5 million. 
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IntoTheBlock reports indicate an increase in Cardano’s large transaction volume, jumping from a low of $10.7 billion to a recent peak of $16.1 billion. This uptick shows rising interest from major investors, contributing to the recent surge in ADA’s price.&nbsp;&nbsp; 
Additionally, the number of profit-generating addresses has increased following ADA’s recent climb above $0.55, with approximately 2.4 million addresses, or 55%, currently in profit, while 42% of holders are experiencing losses. This could encourage investors to retain their holdings or even buy more, increasing the chances of a short-term pump. 
Consequently, this scenario could lead to a significant drop in Netflow to its lowest negative level, as exchange reserves decline, reducing the likelihood of selling pressure.&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="h-what-s-next-for-ada-price">What’s Next For ADA Price?</h2> 
Buyers managed to push <a href="https://coinpedia.org/news/cardano-price-prediction-ada-price-poised-to-hit-8-by-2025/">Cardano</a> out of its downward trending channel and are now holding the ADA price well above the moving averages. However, sellers are defending further surges above $0.61 level. As of writing, ADA price trades at $0.592, declining over 1.9% from yesterday’s rate. 
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With the 20-day EMA trending upwards at $0.58 and the RSI declining from the overbought region, there’s a marginal advantage for sellers. However, should the price remain above $0.57, it’s probable that the ADA/USDT price could again test buyers’ patience at $0.62. If successful, we might see a potential breakout toward $0.69 level. However, this level will likely be dominated by bears. 
On the other hand, a decline below the moving averages and $0.57 level could trap numerous bullish investors. This scenario might lead to a wave of panic selling, sending the price towards the robust support level at $0.47. However, this level might again witness a strong accumulation from bulls.

Cardano Nears Breakout With Rising On-Chain Activity! Here’s The Next Resistance For ADA Price

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