Cardano Price Consolidation Above $0.35 Support Zone
Cardano’s price is consolidating above the $0.35 support zone after failing to break above the $40 area during last week’s altcoin market rally. On-chain analysis provides insight into the next ADA price action, showing that Cardano network participants have not given up despite the ongoing consolidation.
Cardano Continues to Attract New Users
Despite the ongoing price correction, new users continue to join the Cardano ecosystem, with a monthly peak of 32.3% new user adoption rate on Nov. 9. This influx of new users has been crucial in helping ADA maintain the $35 support level over the past week.
Network Usage Is Heating Up Amid Correction Phase
Existing participants are also engaging in a high number of transactions, with Cardano active addresses ratio trending above 0.8% for the last 10 days. This indicates strong network usage even during a price downtrend and could lead to increased demand in the coming days.
ADA Price Prediction: Early Rebound From $0.35?
The on-chain metrics suggest that Cardano’s price could rebound toward $0.40 if the bulls can withstand the ongoing consolidation phase. The Global In/Out of the Money (GIOM) data also supports this positive forecast, showing a strong buy wall at the $0.35 area.
Hot Take
The rising adoption rate and network usage indicate potential for an ADA price rebound, but it will depend on how both new and existing participants interact with the market in the coming days.
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