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.
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.
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.
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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