Cardano’s digital currency ADA has been charting a course of price appreciation since March 10th.
Presently valued at $0.74 per unit, the altcoin has witnessed a 10% expansion in its market value from that point.
This resurgence in price coincides with a noticeable upswing in Cardano network engagement, demonstrated by increases in both newly established addresses and the count of addresses actively transacting on a daily basis.
Cardano’s Network Operational Vigor Intensifies
Operational vigor within the Cardano network is becoming more pronounced.
Analysis of blockchain data highlights a consistent surge in the demand for ADA throughout the preceding week, a trend mirrored in the expanding count of daily active addresses.
Information from IntoTheBlock indicates a 12% surge in this metric over the last week, suggesting a strengthening of positive market sentiment directed towards ADA.
ADA Targets $0.82 Amidst Heightened Purchasing Activity
As purchasing activity intensifies, ADA is aiming for a price target of $0.82.
Examining the daily price chart, ADA’s Chaikin Money Flow (CMF) has ascended beyond the zero line, corroborating the escalating demand for the digital currency.
Should this pattern endure, ADA may sustain its upward climb and potentially approach the $0.82 price level.
Conversely, should a phase of profit realization commence, the cryptocurrency is anticipated to relinquish its recent gains and potentially descend below the established support threshold of $0.72.
Under such circumstances, the price of ADA could potentially decline to $0.60.
Also Read: Cardano Whales Put 130 Million ADA Price Consolidation Deepens
