{"id":449452,"date":"2024-12-06T02:00:02","date_gmt":"2024-12-05T20:30:02","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=449452"},"modified":"2024-12-05T16:20:41","modified_gmt":"2024-12-05T10:50:41","slug":"cardano-update-ada-aims-for-3-as-on-chain-metrics-show","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/cardano-update-ada-aims-for-3-as-on-chain-metrics-show\/","title":{"rendered":"Cardano update: ADA aims for $3 as on-chain metrics show&#8230;"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ADA has broken out of consolidation, approaching key resistance at $1.40, targeting $3.00.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Positive on-chain metrics and development activity hint at sustained momentum, despite some bearish sentiment.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/predictions\/cardano-price-prediction\" target=\"_blank\" rel=\"noopener\">Cardano [ADA] <\/a>is making waves in the crypto space, surpassing a major milestone by reaching 130,000 transactions per second on its network. At press time, ADA was trading at $1.22, down 0.28% over the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite this minor dip, the cryptocurrency has broken out of a prolonged consolidation phase and is now approaching crucial resistance at $1.40.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With such a move, Cardano could trigger a potential rally, sending ADA to new highs. However, can it maintain this momentum, or will resistance hold it back?<\/span><\/p>\n<h2><b>ADA\u2019s chart analysis: A breakout to new heights?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">ADA\u2019s recent breakout from its consolidation phase has caught the attention of traders. The price is approaching the $1.40 resistance level, which will be crucial for the next phase of growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If ADA can surpass this level, the next target may be as high as $3.00. The Stochastic RSI, which stands at 100, signals strong bullish momentum, confirming that ADA is in an overbought condition. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this may indicate that a correction is near unless the breakout is sustained.<\/span><\/p>\n<figure id=\"attachment_449456\" aria-describedby=\"caption-attachment-449456\" style=\"width: 2114px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24.png\"><img decoding=\"async\" class=\"wp-image-449456 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24.png\" alt=\"ADA technical analysis\" width=\"2114\" height=\"1106\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24.png 2114w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-300x157.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-1024x536.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-768x402.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-1536x804.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-2048x1071.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ADAUSDT_2024-12-05_12-52-24-1200x628.png 1200w\" sizes=\"(max-width: 2114px) 100vw, 2114px\" \/><\/a><figcaption id=\"caption-attachment-449456\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><b>Are ADA\u2019s on-chain metrics supporting the rally?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Cardano\u2019s on-chain metrics reveal a positive trend, further supporting the bullish case. Over the past seven days, Cardano has seen a +53.95% increase in new addresses, signaling that more users are joining the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Active addresses have also surged by +42.13%, indicating that existing users are becoming more engaged.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, zero-balance addresses have increased by +54.28%, reflecting an influx of new participants into the ecosystem. These numbers show that Cardano\u2019s ecosystem is growing, which may help support the price action.<\/span><\/p>\n<figure id=\"attachment_449458\" aria-describedby=\"caption-attachment-449458\" style=\"width: 1869px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511.png\"><img decoding=\"async\" class=\"wp-image-449458 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511.png\" alt=\"ADA addresses stats\" width=\"1869\" height=\"704\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511.png 1869w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511-300x113.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511-1024x386.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511-768x289.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511-1536x579.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-130511-1200x452.png 1200w\" sizes=\"(max-width: 1869px) 100vw, 1869px\" \/><\/a><figcaption id=\"caption-attachment-449458\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<h2><b>What do ADA\u2019s trading sentiment and long\/short ratios suggest?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The current long\/short ratio for ADA is slightly tilted towards short positions, with 52.17% of traders holding short positions, compared to 47.83% holding long positions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This gives a long\/short ratio of 0.92, suggesting that there may be a bearish sentiment in the market. However, this could also point to the possibility of a short squeeze, especially if Cardano continues to rally past its resistance levels.<\/span><\/p>\n<figure id=\"attachment_449459\" aria-describedby=\"caption-attachment-449459\" style=\"width: 2092px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901.png\"><img decoding=\"async\" class=\"wp-image-449459 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901.png\" alt=\"\" width=\"2092\" height=\"559\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901.png 2092w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-300x80.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-1024x274.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-768x205.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-1536x410.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-2048x547.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Screenshot-2024-12-05-125901-1200x321.png 1200w\" sizes=\"(max-width: 2092px) 100vw, 2092px\" \/><\/a><figcaption id=\"caption-attachment-449459\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h2><b>Is Cardano\u2019s development activity paving the way for growth?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the positive on-chain activity, Cardano\u2019s development activity remains relatively low, with a score of 46. This could indicate that while the network is experiencing growth, the development side is not progressing as rapidly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, the current price action may be driven more by speculation and market sentiment than by fundamental upgrades.<\/span><\/p>\n<figure id=\"attachment_449461\" aria-describedby=\"caption-attachment-449461\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-449461\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/Cardano-ADA-13.04.29-05-Dec-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-449461\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/cardano-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Cardano\u2019s [ADA] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<h2><b>Will ADA break through or face resistance?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">ADA\u2019s recent breakout and the positive on-chain metrics show promising signs of continued growth. However, the $1.40 resistance level is critical.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0If ADA can break through this, it could lead to a rally that propels the price towards $3.00. On the other hand, if resistance holds, ADA may face a retracement. Investors will be closely watching the price action as Cardano continues to develop and build its ecosystem.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ADA&#8217;s breakout could lead to significant gains if resistance at $1.40 is overcome.<\/p>\n","protected":false},"author":103,"featured_media":449445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6379,66,3,4,20],"tags":[6427],"class_list":["post-449452","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-cardano-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cardano update: ADA aims for $3 as on-chain metrics show... - 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