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Cardano ADA Onchain Data Analysis and Price Prediction

⚠️ Does This Change EVERYTHING For CARDANO ADA ⚠️
⚠️ Does This Change EVERYTHING For CARDANO ADA ⚠️

Onchain Data

Onchain data from Cardano’s ADA shows strong growth in the number of active addresses, receiving addresses, and sending addresses in the last 24 hours. The total number of transactions has also increased, with over 50,000 transactions costing $5,200 or 17,800 ADA in the last 24 hours. Additionally, the number of wallets holding over 1 million ADA, 100,000 ADA, and 10,000 ADA has steadily increased in the last year. This suggests that there is growing adoption and interest in Cardano’s ADA.

The total value locked (TVL) in Cardano’s ADA has also seen substantial growth, now at 681 million Ada. This is a bullish sign, as it indicates that more people are using Cardano’s ADA to build and launch decentralized applications.

Liquidations

In the last 24 hours, $318,000 worth of positions have been liquidated, with Binance liquidating many short positions. This suggests that there is growing bullish sentiment in the market, as traders are betting against Cardano’s price.

Charts Analysis

The charts indicate a potential push to 31.6 cents. Cardano’s price is trading above the 50 EMA and 50 SMA, which are bullish signs. Additionally, a weak high on the charts suggests the potential for upward movement.

However, the one-day and one-week stochastics are overbought, indicating a possible correction. Additionally, the 200 EMA on the daily chart has been breached, which could also lead to a price correction.

There is an internal sell order block at 31.9 cents, which may be filled before a price correction. If a correction occurs, the potential target is 18 to 15 cents.

Market Pivot in November?

Some analysts are speculating that the market could pivot in November, possibly leading to a pullback. This is due to the fact that many people are waiting for the Cardano summit in November before making any major investment decisions.

Conclusion

While the market shows some bullish signs, a correction is anticipated. The RSI is static at 51%, but stochastics suggest a correction. Staking Cardano’s ADA is advised during the expected correction.

Community engagement is encouraged, and risk management in trading is emphasized.

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