Cardano’s on-chain metrics are offering traders a potential buy signal. The resistance zone at $0.43 is a potential profit-taking zone for short-term bullish movements. While technical indicators are generally bearish, there is a notable recovery signal for ADA.
While Cardano (ADA) is trending downward on the daily timeframe, some technical indicators are showing signs of a possible recovery. ADA is currently trading just below the key resistance level at $0.355. On-chain metrics are offering hopeful signals for investors. Whether ADA will recover or not may become clear in the coming weeks.
On-Balance Volume (OBV) has remained relatively stable after a significant decline in early August. This suggests that buying volume has not yet overcome selling pressures. The daily Relative Strength Index (RSI) is hovering around 40, confirming a bearish trend. The gradual rise ADA has experienced since falling below $0.3 is noteworthy. If ADA breaks through the $0.355 resistance, a bullish structure with higher lows and highs could be possible in the short term. However, the critical resistance level remains at $0.429 on the daily chart.
On-chain metrics indicate that ADA’s 30-day MVRV ratio is negative, indicating that ADA is undervalued. The increasing average coin age suggests that investors are accumulating, which could be a buy signal. Additionally, there has been an increase in the number of daily active addresses since mid-July, with significant increases on August 5th and 8th, which could be influenced by market volatility. This increase in network activity could increase speculation and demand signals, paving the way for stronger price performance for ADA if the trend continues.
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I EXPLAIN IN DETAIL.
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