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Cardano is waiting for rocket growth! This metric confirms it

2 min read

Cardano is currently trading at the price level $0.54 and is roughly 82.50% below the ATH value reached by the token in early September 2021. The correction has dominated the market for almost a year now, but the latest data points to a potential end to this phase of negative sentiment.

ADA has been moving sideways since mid-May, which is the first long-term phase where the price holds support. At the same time, however, it speaks of a certain indecision of the market.

Cardano is expecting rocket growth

Cardano is expecting rocket growth. Source: TradingView

Renewed interest in Cardano

According to the data Sentiment was Cardano accumulated by whales approximately worth $138 million in just 8 days. This trend started on July 27th when the coin cost $0.46 and has been growing ever since.

This event is about renewed interest despite the persistent negative market sentiment. Despite this, the accumulation process currently remains in a moderate phase, but if it lasted longer, we could witness a rocket growth in the price of Cardano.

It is also a positive event increase in wallet addresses according to Messari. They reached a new ATH of 3.7 million just recently, while Cardano has 3.1 million addresses with a non-zero value. The on-chain data for ADA seems to be a positive sign that the price of the coin could soon be on the rise changes in the long-term trend.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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