- Cardano has witnessed significant growth in on-chain activity, investors, and the number of projects.
- ADA suffered a downside correction amid a concealed bearish divergence on the price chart.
- Crypto analysts trust trading volume surge can push the ‘Ethereum-killer’ beyond the 200-day Exponential Moving Average, targeting the $1.60 value area.
Cardano suffered a setback recently as 3.4M addressed remained underwater. However, analysts believe the ETH competitor will recover, predicting a move towards $1.60 highs. Remember, the crypto market saw bearishness at the moment.
Cardano Eyes $1.60 Highs
Cardano prepares to recover from the latest price declines as the Ethereum-killer tries to climb beyond the 200-day Exponential Moving Average. Meanwhile, the altcoin had seen consistent growth in on-chain metrics, trading volume, dApps, and wallets holding $ADA.
Enthusiasts trust the latest decline in trade volume impacted Cardano negatively. IntoTheBlock data shows 3.4 million ADA addresses stayed underwater as the alt dropped beneath the $1 mark. Meanwhile, 11% (1.25 million) of ADA traders that held Cardano for more than one year remained profitable. Nevertheless, most Cardano investors encounter losses around the current prices.
Also read:The altcoin has recorded increased projects, hitting 1000. Moreover, Cardano wants to optimize its platform with the coming Hydra launch. For now, NFT collections account for more than 47% of Cardano network’s projects. Meanwhile, the Metaverse’s fast adoption might see this number increasing. That would drive capital inflow towards the Cardano ecosystem. Historically, surged inflows trigger price rallies for the altcoin.
Crypto experts examined ADA price action and forecasted recoveries for the ETH-Killer. Analysts at FXStreet trust Cardano holds up following an Adam-Eve pattern breakout, creating a higher high. While publishing this content, ADA suffers bearish actions, losing 6.37% over the past 24 hours to trade at $0.9661. However, the alt’s volume profile might save the token from more losses and support its upside target of $1.6.
However, ADA will depend on the broad market sentiment. For now, bears appeared to dominate the market as BTC crashed to $41K. Also, the global cryptocurrency market cap plunged by 4.27% over the past day to $1.89 trillion. Keeping the current trends might ruin Cardano’s upside party.
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