The post Here is the Next Big Thing for Cardano (ADA) Price: Will XRP Price Follow the Suit? appeared first on Coinpedia Fintech News
The crypto markets are again displaying the growing strength of the bears as market capitalization has approached $2.11 trillion. While the top tokens are consolidating within a narrow range, the third-generation token, Cardano, is preparing for a huge move. The price is accumulating strength by maintaining an ascending consolidation at the moment, intending to reach the upper crucial resistance.
ADA price was largely believed to be dead, as the token remained consolidated within a range for an extended period without huge price variation. Besides, the active address count, which suggests the number of addresses contacted by the platform to perform a trade, maintained a significant descending trend. This indicates the traders have shifted their focus to other tokens; however, the unique addresses continue to be on the rise.
The active supply suggests the native units that have been transacted only once in the given stipulated timeframe. This metric tracks the supply active in a specific timeframe, which helps gauge whether the crypto is being used transactionally or as a store value. The rising trend suggests the token may be used more as a store of value, as this part of the supply has been highly active since the start of the month. However, a sudden rise in volatility may still not be expected until the supply is used for normal buying & selling.
Does this suggest, the ADA price may not reach $0.5?
The ADA price has been trading within a falling wedge since the beginning of the year and appears to have reached the edge of the consolidation. The RSI has risen above the descending trend line and if it maintains a healthy upswing, then the token may reach $0.475 during the coming weekend. However, volume remains the major constraint but the rally appears to remain under bullish influence. Once these levels are achieved and sustained, then surpassing $0.5 may not be a tedious job for the Cardano (ADA) price rally.