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Cardano (ADA) price is currently showing signs of a potential consolidation phase as large transactions have surged and then stabilized over the past few weeks.
In the end of September, ADA saw a significant spike in large on-chain transactions exceeding $100,000.
Cardano’s (ADA) price is desperately holding onto the $0.35 support level amid attempts to send the altcoin further down the charts. Despite this, ADA is struggling to generate the momentum needed to reverse its downtrend.
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The long-awaited testnet for Cardano’s privacy protocol, Midnight Network, has finally gone live. However, it has failed to reignite interest in the blockchain’s native coin, which continues its downward trend.
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Cardano’s (ADA) price recently experienced a significant drop, failing for the second time in a month to close above the $0.40 level. The altcoin’s price fell by 11% within 48 hours, bringing it down to around $0.35.
Despite this sharp decline, ADA still has a chance to recover.
Just last week, Cardano’s (ADA) price was $0.42, as speculation spread that the token could rally toward $0.50. But today, this is no longer the case, as ADA’s price is $0.38.
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Two days ago, Cardano (ADA) was set for a rally toward $0.40, but that potential has diminished as crypto whales have stepped back.
While ADA’s long-term prospects remain interesting, recent on-chain data suggests the short-term outlook might be bleak.
Cardano (ADA) price has been stuck in a descending channel for the past five months, aiming for a breakout. Despite some volatility, the cryptocurrency remains poised for a potential surge.
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Cardano (ADA) has bucked the general market trend with an 11% price surge over the past week. Amid rising prices, transactions involving the altcoin have become profitable, prompting long-term holders to sell some of their coins.
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Outspoken Cardano (ADA) founder Charles Hoskinson is in the news again. This time, Hoskinson responded to some misinformation about the project, noting that the rumors are nowhere near accurate.
Even though the founder clarified the situation, ADA’s price did not react positively to the incident.
Cardano (ADA) holders have reason to be cautiously optimistic as the altcoin’s price has increased by 3% over the past week, reaching $0.34. However, the overall sentiment surrounding the coin remains largely bearish.
On-chain data and price charts suggest that ADA could potentially rally to $0.