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Cardano Network Shows Signs of Strength as ADA Recovers 10% in March

2 mins
Updated by Mohammad Shahid
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In Brief

  • Daily active addresses grew 12%, signaling increased demand and bullish sentiment for ADA.
  • A 4% uptick in new addresses suggests growing adoption and rising buying pressure.
  • ADA’s Chaikin Money Flow (CMF) is in an uptrend, supporting further gains toward $0.82.
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ADA’s price has maintained an upward trend since March 10. Currently exchanging hands at $0.74, the altcoin has experienced a 10% increase in value since then. 

This recovery comes amid rising network activity, with the number of new and daily active addresses recording growth during the review period.

Cardano Network Activity Strengthens 

On-chain data has revealed a steady uptick in ADA’s demand over the past week, reflected by its climbing daily active address count. Per IntoTheBlock, this has increased 12% over the past seven days, indicating a steady rise in bullish bias toward ADA.  

This trend signals that there has been a spike in the daily count of addresses that have completed at least one transaction involving ADA over the past week. 

ADA Network Activity.
ADA Network Activity. Source: IntoTheBlock

This is a bullish trend, as it reflects the growing adoption of the Cardano network and renewed investor interest in its ADA coin. If sustained, it would reflect fundamental network strength, supporting further price appreciation.

Furthermore, there has been a resurgence in new demand for ADA during the review period. Per IntoTheBlock, the number of new addresses created to trade ADA has risen by 4% in the past seven days. 

ADA Network Activity
ADA Network Activity. Source: IntoTheBlock

The rise in new demand means more investors or users are entering the ADA market, increasing buying pressure and driving its price higher. This reflects growing positive sentiment around the altcoin and hints at further price growth.

ADA Eyes $0.82 as Buying Pressure Strengthens

On the daily chart, ADA’s Chaikin Money Flow (CMF) has broken above the zero line, confirming the strengthening demand for the coin. At press time, this momentum indicator is in an uptrend at 0.01. 

The CMF measures how money flows into and out of an asset. When it is above zero, it indicates that buying pressure is dominant, with increased demand and bullish momentum in the market. If this trend persists, ADA could continue its uptrend and climb toward $0.82.

ADA Price Analysis
ADA Price Analysis. Source: TradingView

Conversely, once profit-taking resumes, the coin would shed its recent gains and could break below the support floor of $0.72. In this scenario, ADA’s price could drop to $0.60. 

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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