Key Metric Signals Cardano Price Setting Up For A Run-Up
Cardano (ADA) has been consolidating near the $0.50 level
since the beginning of August, indicating market uncertainty.
The crypto markets are still reeling from the impact of the recent Crypto Winter. The July relief rally appears to have come to an end. Nonetheless, a recent wave of wild accumulation of Cardano (ADA) addresses might propel the currency over its current level if sustained.
0.46 percent of ADA’s current supply added in 8 days
According to data from sources, both whale and shark addresses (addresses holding 10k to 10M ADA) accumulated a total estimated value of $138M in just 8 days. The accumulating trend began on July 27 when the asset fell below $0.46 and has continued since then.
The news of the Vasil Hard Fork delay hit the Cardano community two days later, however, the negative mood sparked by the setback has done nothing to curb the accumulation. The accumulation trend has contributed 0.46 percent of ADA's circulating supply.
Despite the FUD being pushed into the market by the mid-June crisis, which saw ADA fall from $0.66 on June 8 to as low as $0.42 in 10 days, this trajectory signals fresh interest in the asset. The buildup is mild by community standards, but if continued, it might set up ADA for a breakout from the $0.50 support.
ADA is looking to solidify its position at $0.50 level
Recent trends in wallet addresses and accumulation indicate that the Cardano community is the most confident of all. Just three days ago, the number of wallet addresses for ADA reached an all-time high of 3.7 million, with 3.1 million of those addresses holding $1 or more in ADA.
ADA's yesterday intraday performance was nothing short of consolidation, as the asset's lack of support above $0.51 has left it tied to the zone. Nonetheless, the support of $0.45 witnessed in July appears to have been breached, as ADA attempts to strengthen its position in the $0.50 zone this month - the asset has not fallen below $0.49 in August.
At the time of writing, ADA is trading at $0.51 vs the US dollar and increased 1.6 percent in the last 24 hours.
Read also: Cryptocurrency price update: CARDANO PRICE PREDICTION: After holding around $0.50, ADA is ready to take off.
