As the cryptocurrency market cap approaches $2.11 trillion, the strengthening of bearish forces is once again evident. While top coins are consolidating in a narrow range, the third-generation coin Cardano (ADA) is gearing up for a big move. Currently, ADA price is gathering strength by remaining in an upward consolidation with the intention of reaching the key overhead resistance level.
ADA Price Status
Many believe that ADA price has stalled as the coin has remained stable for an extended period of time without major price fluctuations. Additionally, the number of active addresses (i.e. the number of addresses conducting transactions) has dropped significantly, indicating that traders’ attention has shifted to other coins. However, the number of unique addresses continues to increase, meaning new users are still arriving.
Active supply represents the native units that have only been traded once in a given timeframe. This metric tracks active supply over a specific timeframe and helps determine whether a cryptocurrency is being used for transactions or as a store of value. ADA’s active supply has remained active since the beginning of the month, indicating that the coin is being used more as a store of value. However, volatility may not suddenly rise until these supplies are used for regular buying and selling.
Can ADA Price Surpass $0.5?
ADA price has been trading inside a falling wedge since the beginning of the year and is now on the verge of consolidation. The relative strength index (RSI) has risen above the downtrend line and if the healthy uptrend is maintained, ADA price could reach $0.475 by the end of next week. However, volume remains a major constraint but the bullish sentiment in the market remains strong. Once ADA breaks out and sustains above these levels, a breakout above $0.5 is not an unattainable goal.
Will XRP follow suit?
XRP’s trend is also worth watching. Despite the current high market uncertainty, XRP prices may follow the footsteps of ADA. If XRP can remain stable and gradually accumulate strength, it is also likely to usher in a wave of growth in the coming months.
Summarize:
Cardano (ADA) is gearing up for a big move, with its price expected to break through $0.475 by next weekend and even $0.5 in the coming months. Despite the decrease in the number of active addresses, the increase in the number of unique addresses and the rise in active supply show that ADA still has a lot of potential. Meanwhile, XRP may also follow ADA's lead, bringing new opportunities to investors.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
If you want to know more about the latest market information and trading tips, click on the avatar to follow the blogger. Thank you for reading!
#美国6月CPI大幅降温 #ADA #xrp #币安7周年 #BONKUSDT $ADA $XRP $BONK
