Based

Cardano

Rally

<p>The world’s eighth-largest cryptocurrency by market cap – Cardano (ADA) – has been facing some volatility this week. After making an <a href="https://coingape.com/cardano-ada-price-jumps-18-as-whales-join-the-party/" target="_blank" rel="noopener">18% surge</a> to $0.67 earlier this week, Cardano is facing a major price retracement as of now.</p> 
<h3 id="cardano-ada-price-drops-5">Cardano (ADA) Price Drops 5%</h3> 
<p>Renowned cryptocurrency analyst Ali Martinez has identified a descending triangle formation on the lower time frames for Cardano (ADA). According to Martinez, a sustained close above the critical level of $0.638 could serve as a catalyst for a bullish breakout, potentially pushing ADA’s price toward the $0.700 mark.</p> 
<figure id="attachment_169631" aria-describedby="caption-attachment-169631" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-169631" src="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart.jpeg" alt="" width="2233" height="1515" srcset="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart.jpeg 2233w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-300x204.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-1224x830.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-768x521.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-1536x1042.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-2048x1389.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-technical-chart-150x102.jpeg 150w" sizes="(max-width: 2233px) 100vw, 2233px">
 <figcaption id="caption-attachment-169631" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1735740572147515658" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<p>Investors and traders are advised to closely monitor the $0.613 support level, as any signs of weakness at this crucial point could impact the bullish momentum of ADA. Martinez’s analysis provides valuable insights for market participants, emphasizing key levels to watch for potential price movements in Cardano as the cryptocurrency navigates its current technical pattern. ADA enthusiasts and investors are eagerly awaiting further developments in the market as they assess potential opportunities and risks.</p> 
<h3 id="ada-demand-zone-and-on-chain-metrics">ADA Demand Zone and On-Chain Metrics</h3> 
<p>Based on insights from IntoTheBlock, Cardano (ADA) is currently trading within a demand zone, with its price at $0.6356 falling within the range of $0.6199 to $0.6822. The data also indicates that once Cardano experiences an upward surge beyond the upper boundary of this range, it is likely to encounter limited potential supply until it reaches the subsequent price band marked by the $0.8457 hurdle.</p> 
<figure id="attachment_169632" aria-describedby="caption-attachment-169632" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-169632" src="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone.png" alt="" width="2402" height="966" srcset="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone.png 2402w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-300x121.png 300w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-1224x492.png 1224w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-768x309.png 768w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-1536x618.png 1536w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-2048x824.png 2048w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Demand-Zone-150x60.png 150w" sizes="(max-width: 2402px) 100vw, 2402px">
 <figcaption id="caption-attachment-169632" class="wp-caption-text">
  Courtesy: IntoTheBlock
 </figcaption>
</figure> 
<p>Cardano, a cryptocurrency considered an alternative to Ethereum, has experienced a robust rally of almost 40% in the last month. On-chain metrics, such as Transaction Volume and Active Addresses, provide additional support for the upward momentum observed in ADA. The transaction volume of ADA has shown an upward trend over the past month, aligning with the price movements of Cardano.</p> 
<p>The number of Active Addresses in the Cardano network serves as an indicator of the demand for the altcoin among market participants and underscores its significance among traders. Analyzing the below chart provided by Santiment also reveals a consistent correlation between the increase in Active Addresses and the upward trajectory of Cardano’s price. This confluence of on-chain metrics suggests a positive market sentiment and heightened interest in Cardano within the cryptocurrency community.</p> 
<figure id="attachment_169633" aria-describedby="caption-attachment-169633" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-169633" src="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses.png" alt="" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses.png 3840w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-300x102.png 300w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-768x260.png 768w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2023/12/Cardano-ADA-Active-Addresses-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-169633" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure> 
<p>The post <a href="https://coingape.com/cardano-ada-price-drops-5-at-key-support-zone-will-the-rally-continue/">Cardano (ADA) Price Drops 5% At Key Support Zone, Will the Rally Continue?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Cardano (ADA) Price Drops 5% At Key Support Zone, Will the Rally Continue?

Table of Contents

Coingape News Media

Other articles published on Dec 16, 2023

Fantom (FTM) Eyes $0.65 But Only If It Meets One Condition

P2P platform NFT Trader breached, asks users to revoke approval

Sam Altman Says WorldCoin (WLD) ‘More Important’ In AI World

Chainlink (LINK) Just Experienced Over One Hundred Million Dollar Token Unlock – But This Time It...

TSUKA Memecoin Supporting Security and Transparency of Blockchain

AI in Marketing: Addressing Marketers’ Concerns

Join our free newsletter for daily crypto updates!