• Cardano (ADA) Price Is Preparing For A Run-Up, According To Key Metrics

  • Since the beginning of August, the price of Cardano (ADA) has been stabilizing near $0.50, showing market indecision. The crypto markets are still reeling from the effects of the Crypto Winter over the last month. The July relief rally appears to have come to an end. Nonetheless, if the latest wave of wild accumulation of Cardano (ADA) addresses continues, the asset may rise over its current level.

    In 8 days, 0.46 percent of ADA’s current supply was added.

    A combined approximate value of $138M in ADA has been accumulated by both whale and shark addresses (addresses holding 10k to 10M ADA) in just 8 days, according to data from a Santiment graphic. The accumulating trend began on July 27 when the asset fell below $0.46 and has continued since then.

    The Cardano community learned of the Vasil Hard Fork delay two days later, but the negative mood sparked by the setback has done little to curb the accumulation. The accumulation trend has contributed 0.46 percent of the circulating supply of ADA.

    Despite the FUD pushed into the space by the mid-June crisis, which saw ADA fall from $0.66 on June 8 to as low as $0.42 in 10 days, this trajectory signals fresh interest in the asset. The buildup is low by community standards, but if continued, it might set up ADA for a breakout from the $0.50 zone.

    ADA is attempting to maintain its $0.50 position.

    The Cardano community appears to be the most confident recently, as evidenced by an increase in wallet addresses and accumulation tendencies. Just three days ago, ADA wallet addresses reached a record high of 3.7 million, with 3.1 million addresses holding $1 or more in ADA.

    Yesterday’s intraday performance of ADA resembled that of a consolidation, as the asset’s lack of support above $0.51 has left it tethered to the zone. Nonetheless, the $0.45 support witnessed in July appears to have been breached, as ADA seeks to consolidate its position on the $0.50 zone this month – the asset has not fallen below $0.49 in August.

    At the time of writing, ADA is keeping pace with the rest of the markets, trading at 0.51 against the dollar, up 1.6 percent in the previous 24 hours.

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