CandleFocus Cardano (ADA) Bulls Aim for $70 Million Move Ahead of Potential Rally
2024-09-07
Author: Content Editor
Cardano (ADA) has been struggling to breach crucial resistance levels, resulting in a decline in price. However, on-chain data indicates that market participants are now buying ADA at its current price, potentially driving an uptrend. Investors have placed buy orders for 220 million tokens, outweighing the selling pressure. Additionally, there has been an increase in user engagement on Cardano's blockchain, suggesting a rise in adoption of ADA. The chart shows resistance at $0.34, but a falling wedge pattern indicates a potential upward move towards $0.38 if buying pressure continues. However, if the token is rejected at $0.34, the price could fall back to $0.30.
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