Cardano (ADA) has recently been experiencing a downtrend, trading below the $0.355 resistance level. Technical indicators have reflected a bearish trend, with the On-Balance Volume (OBV) remaining flat after a significant drop in the first week of August, suggesting a lack of buying dominance.
Despite the overall bearish sentiment, recent on-chain metrics offer some optimism for ADA holders. AMBCrypto’s analysis points to a potential buy signal, indicating that a short-term uptrend might be forming. The $0.43 level is critical to watch as a take-profit zone if the price begins to recover. While on the watch for ADA, another coin with high potential returns to watch out for is Pawfury.
Pawfury (PAW) – The Next Gen Cryptocurrency
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Current Technical and On-Chain Analysis
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Cardano has been attempting to establish higher lows since falling below $0.30. The OBV’s stagnation and the daily Relative Strength Index (RSI) at 40 indicate continued bearish momentum. However, ADA has shown some signs of recovery, gradually pushing higher.
In the coming weeks, ADA could form a bullish structure if it can surpass the $0.355 resistance level. The key resistance to watch on the daily time frame remains at $0.429, the recent lower high.
Network Activity and Future Outlook
Source: Santiment
Network activity provides further insights into ADA’s potential. Although the 30-day Market Value to Realized Value (MVRV) ratio is negative, the mean coin age is rising, signaling that ADA may be undervalued and accumulating. Additionally, daily active addresses have increased since mid-July, with spikes in activity observed on August 5 and August 8, potentially indicating growing interest and demand.
If this trend of increasing activity continues, it could signal a rise in speculation and demand for ADA, bolstering the case for a recovery in Cardano’s price.
Conclusion
As ADA approaches the key $0.43 price level, investors should also keep an eye on Pawfury (PAW), a promising presale project that’s quickly gaining traction as a next-generation cryptocurrency.
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