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- 1 Cardano’s price is currently trading at $0.2654 with a drop of 0.27% in the last 24 hours with a current market cap of $9.3 Billion.
- 2 Cardano price has been consolidating inside the horizontal price range of $0.2798 and $0.2629 over the daily time frame chart.
- 3 Cardano witnesses a surge in new wallet addresses.
Cardano price prediction suggests bears and bulls are yet to gain a proper grasp on the trend. Investors might prefer to wait for a confluence of multiple technical indicators in order to decide the direction of the trend. There is a slight increase in the green candles of volume which suggests that ADA price is attracting buyers at the demand zone.
Latest Update: Cardano Witness Wallet Growth
Cardano witnessed a surge of 6% in unique wallet addresses. ADA reached 4.26 Million wallets as of August 30, 2023. With the community showing support for the ADA, the daily average growth of new wallets is 1600 indicating a positive outlook.
Cardano witnessed good wallet adoption figures despite a decline in its price. In the time span of 5 months, unique wallet addresses surpassed 6%. Wallet shows an increase, reaching 4.26 Million from 4.02 Million. From April to August 2023, 250,000 new wallets were added. Data shows the increased interest in the community regarding Cardano.
What Price Action Says About ADA?
Investor sentiments regarding the Cardano price are indecisive at present and may remain negative unless the buyers start stepping into the price action with substantial momentum. However, according to the technical indicators and price action, the odds are lining up in the bulls’ favor.
Cardano price needs to attract buyers to surge towards the upper trendline of the consolidation phase over the daily time frame chart. Meanwhile, the Cardano price is trying to gather support and surge towards 20, 50, 100, and 200-day Daily Moving Averages. Cardano has been consolidating inside the horizontal price range of $0.2798 and $0.2629.
Nevertheless, Cardano’s price has declined by around -1.08% in a week, -13.62% in a month. Also, the ADA price dropped around -27.26% in the last three months and -22.70% over the last six months. However, analysts believe that the ADA price may bounce back from the lower levels.
Cardano Price Has Been Consolidating Inside the Price Range
Cardano price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, the Cardano needs to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the Cardano price has slipped below the 20, 50, 100, and 200-day Daily Moving Average.
Moreover, Cardano must register its breakout from the consolidation phase over the daily time frame chart. Cardano’s price has lost -0.93% in a week and -13.49 % in a month.
Technical indicators suggest the consolidation phase of the Cardano price. Relative strength index (RSI) showcases the sideways momentum of Cardano. RSI was at 50.51 and is heading towards the oversold territory.
MACD exhibits the consolidation phase of the Cardano price. The MACD line is flat above the signal line waiting for any type of crossover. Investors in Cardano need to wait for any directional change over the daily time frame chart.
Summary
On the daily time frame chart, the Cardano price has been consolidated between the horizontal price bands of $0.2798 and $0.2629. Nevertheless, in order to accelerate toward its recovery phase, Cardano must amass purchasers. The price of Cardano dropped -0.93% in a week and -13.49% in a month. Technical indicators point to a period of price consolidation for ADA. Investors in Cardano must watch the daily time frame chart for any directional changes. However, investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
- Support Levels: The most immediate support levels for the Cardano price are $0.2171 and $0.1131.
- Resistance levels: The most immediate resistance levels for the ADA price are $0.3661 and $0.4251.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading involve risk. Please assess your situation and risk tolerance before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
