Cardano is showing indications that might point to a change in the mood of the market. Three important measures are trending positively, suggesting possible bullish tendencies for ADA: net network expansion, accumulation of significant holders’ positions, and volume at the ask price vs the bid price.
Looking at the ADA/USDT trading chart, we can see that Cardano is stabilising around a critical support level following a period of turbulence. The 200-day Exponential Moving Average, a prominent indicator that frequently serves as a tactical turning point for price action, is where ADA is currently converging as a result of the recent market fluctuations. This level has historically provided solid support, indicating that ADA may be preparing for a comeback.
One important on-chain measure that shows how many new users are entering the network is net network growth. An rise in this statistic implies a rising user base and higher adoption, which is optimistic because it usually indicates increased demand for ADA.
Large holders’ accumulation, also known as “whales,” is another important sign. Because their transactions are so large, whales have a huge impact on market dynamics. The growing collection suggests that these powerful market participants are confident and may be expecting additional price increases.
The volume difference between the ask and bid prices gives information about the relative strength of the purchasing and selling pressure. Stronger purchasing interest is indicated by a rise in volume at the bid price, which might raise prices, particularly if it exceeds the volume at the ask price.
These conclusions are supported by on-chain data, which shows a discernible rise in big transaction counts and volumes, indicating a substantial inflow of capital into ADA. The asset market cap comparison also demonstrates that ADA is maintaining its worth in relation to well-known cryptocurrencies like BTC and ETH, which supports the optimistic prognosis.
