Key Metric Signals Cardano (ADA) Price Setting Up For An Advance

Cardano (ADA) price is consolidating at the $0.50 level since early August, indicating market indecision. Crypto markets are struggling to recover from the damage of the Crypto Winter in the last month. The July relief rally appears to have come to a halt. Nonetheless, a recent wave of wild Cardano address (ADA) accumulation could push the asset above its level if it holds.

0.46% of current ADA supply added in 8 days

By data From a chart by Santiment, a combined approximate $138 million worth of ADA has been amassed from whale and shark addresses (addresses that have 10k to 10M ADA) in just 8 days. The accumulation trend started on Jul 27 when the asset dipped below $0.46 and has persisted ever since.

News of the Vasil Hard Fork delay reached the Cardano community two days later, but the negative sentiment triggered by the setback has done little to slow the buildup. The accumulation trend has contributed an additional 0.46% of the circulating supply of ADA.

This trend indicates renewed interest in the asset despite FUD being pushed into space by the mid-June crash that saw ADA drop from $0.66 on June 8 to a low of $0.42 in ten days. The build remains slight by community standards but could set ADA up for a breakout of the $0.50 zone if it holds.

ADA is looking to solidify its position at $0.50

Recently, the Cardano community appears to be the most confident of the bunch, as indicated by an increase in wallet addresses and accumulation trends. ADA wallet addresses reached a new ATH of 3.7 million just three days ago, with 3.1 million addresses worth $1 of ADA and more.

ADA’s intraday performance yesterday was nothing less than the hallmarks of a consolidation as the asset’s lack of support above $0.51 has kept it tethered to the zone. Nonetheless, the $0.45 support seen largely in July appears to have broken as ADA looks to consolidate its position in the $0.50 zone this month – the asset has not dipped below $0.49 in August.

At the time of writing, ADA is holding its head high with the rest of the markets as it trades at a value of 0.51 against the dollar, having risen 1.6% in the last 24 hours.

Abigail .V. is a cryptocurrency writer with over 4 years of writing experience. She focuses on news writing and is adept at finding hot topics. She is a fan of cryptocurrencies and NFTs.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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