Cardano (ADA) continues to trade around $0.30 to $0.35 as it faces difficulty breaking through resistance levels. This stagnation is attributed to recent selling pressure, but on-chain data suggests that market participants are now buying ADA at its current price.
The price has dropped by 7% over the past week, now standing at $0.32. According to IntoTheBlock, investors see this as a buying opportunity. Data shows buy orders for 220 million ADA, worth over $70 million.
Bears are selling less, with orders for fewer than 170 million tokens, worth around $52 million. This positive buying volume suggests an upcoming bullish trend for ADA.
Network activity is up, marked by increases in new, zero-balance, and active addresses. This rise in user engagement is linked to ADA's recent Chang hard fork, hinting at better adoption.
Cardano's price faces a critical resistance level at $0.34. A falling wedge pattern in the chart suggests that ADA could rally to $0.38. However, if it fails, it may drop back to $0.30.
