#ADA

Cardano Price Can Rally To $0.4 to $0.45

If This Key Resistance Yields

Spike in Active Addresses Reflect Cardano Price Surge

Data from Santiment shows an increase in active addresses since it hit a yearly low

This date also aligns with the end of the RareEvo blockchain event, where Cardano unveiled its Hydra Layer 2 scaling solution, proving it to be a real contender among highly scalable networks.

This spike in the number of active addresses could signal new users coming in to test the network or new investors jumping in to take advantage of the hype around Hydra and the upcoming Chang hard fork upgrade.

All Ahead Flank for ADA Price After $0.3750

Cardano price defied a classic bearish continuation pattern and broke out to the upside, which suggests the beginning of an uptrend. This strong market performance suggests that ADA price is looking to regain its all-time highs.

The breakout is accompanied by a strong bullish candlestick, a positive signal for continued upward movement. The size of the candlestick indicates strong buying pressure.

ADA is likely to find resistance at $0.3703, where the price is currently testing, and above that, $0.4340, aligned with the upper Bollinger Band and a previous consolidation area.

Additionally, the price of Cardano is currently pushing toward the upper Bollinger Band, indicating that the asset might be entering an overbought condition and that there is strong momentum. A positive Chaikin Money Flow (CMF) value supports this, indicating money inflow into ADA.

Holding or accumulating ADA may work if the bullish trend continues and breaks through the $0.4340 resistance. If the price remains above the $0.3430 level, traders should expect a longer-term target around $0.5000.

However, if the Cardano price fails to breach and maintain above $0.3750, it may show market weakness and could cause it to drop to 0.3067, invalidating the current bullish thesis.

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