$ADA Bulls Aim for $70 Million Move Ahead of Potential Rally - BeinCrypto Analytics

Cardano (ADA) has struggled to breach key resistance levels, trading between $0.30 and $0.35 recently. Despite a 7% drop in the past week, on-chain data suggests a shift towards buying, with $70 million in buy orders for 220 million ADA tokens compared to $52 million in sell orders. This imbalance could signal a potential price increase.

Network activity has surged, with a notable rise in new, zero-balance, and active addresses, likely driven by the recent Chang hard fork. This uptick in user engagement may support a bullish outlook if it persists.

Technical analysis shows Cardano facing resistance at $0.34 but a bullish falling wedge pattern on the daily chart. If buying pressure continues, ADA could rise to $0.38. However, rejection at $0.34 might lead to a decline back to $0.30.