After a rise close to US$ 0,81, Cardano corrected its price along with Bitcoin last week, after this fall, cryptocurrency investors are watching the trajectory of Cardano (ADA) with anticipation, especially with the possibility of reaching the coveted US mark $1.
This optimism comes to the fore thanks to a remarkable performance that distinguishes it from its competitors. Recent reports shed light on an intriguing phenomenon: a significant jump in both the volume of transactions from large investors and the number of active addresses within the network, outlining a promising scenario for the altcoin.
The Cardano network has seen a swarm of activity from large investors, known as whales, whose engagement is seen as a barometer for confidence in the market. With 6.810 transactions exceeding $100.000 completed in a single day, these investors' enthusiasm for ADA appears stronger than ever. This movement is interpreted by many as a sign of faith in the currency's future projections.
🚀Cardano hits one-year peak with almost 600K active wallets in the last 30 days, twice the lowest number within this timeframe.
💡 How high do you think it can climb from here?https://t.co/JUAmB8i61s
–Danogo – Keep Going– 🚀 pic.twitter.com/AjO1clEObg— Danogo (@danogo_2023) March 13, 2024
In parallel to whale interest, the increase in the number of active addresses is another positive sign for Cardano. An analysis by Danogo revealed that, on March 11, the network reached a peak of 596.915 active addresses in the month, the highest record since May 2023. This number represents almost double that observed in September of the previous year, signaling vigorous growth in the user base and participation in the network.
Cardano Price (ADA)
On March 14, Cardano reached the $0,81 mark. Shortly after that, the bears pushed the price back to the $0,56 support. Now, Cardano (ADA) price is showing signs of recovery; at the time of publication, the ADA price it was quoted at US$0,63, up 1,5% in the last 24 hours.
On the upside, the Cardano cryptocurrency has its first resistance near the $0,72 zone, above which the price may once again test the $0,80 zone. A close above the $0,80 zone could generate a buying force and lead ADA price to test the $1 milestone. Such a move would not only consolidate Cardano's position in the cryptocurrency market, but it would also mark an important chapter in the altcoin's history, highlighting its ability to attract and maintain the interest of both individual and institutional investors.
On the downside, the ADA cryptocurrency has support positioned at the $0,58 and $0,52 zones. The main support in a stronger price correction is near $0,46 on the daily chart.
