Cardano sees $70M in buy orders, signaling potential bullish momentum.
ADA faces resistance at $0.34 but could rise to $0.38.
Network activity increases, boosting investor confidence in Cardano’s upward potential.
Cardano (ADA) is showing signs of life as buyers are starting to take action. After hovering between $0.30 and $0.35, the token experienced a drop due to selling pressure. However, new data reveals that investors are now stacking up ADA at its current price, signaling potential bullish momentum. Could this be the start of a rally that pushes ADA back to higher levels?
https://twitter.com/BenaysRemi/status/1835340458974716268 Investors Eye $70 Million Move
Cardano’s price currently sits at $0.32, down 7% over the past week. Despite the decline, data from IntoTheBlock suggests some investors are seeing this dip as an opportunity to buy.
Over $70 million in buy orders have been placed for 220 million ADA tokens, outpacing sell orders worth $52 million. This shift in buying activity hints that ADA could be gearing up for an upward move.
Further boosting investor confidence is a rise in Cardano's network activity. Metrics like new addresses and active wallets are seeing significant growth. More participants are engaging with ADA, which is often a bullish signal.
Can ADA Break Resistance?
Although Cardano shows signs of strength, it's not out of the woods yet. The token is facing resistance at $0.34, a key level it must flip to support.
There’s also a falling wedge pattern on the daily chart, a bullish indicator suggesting ADA may have bottomed out at $0.30. If the buying pressure continues, ADA could climb to $0.38.
However, failure to break past $0.34 could see the price dip back to $0.30. It all depends on whether the bulls can maintain momentum and push ADA past its current resistance.
The post $70 Million in ADA Buy Orders Pave the Way for Cardano’s Next Big Move appeared first on Crypto News Land.
