Cardano’s On-Chain Metrics Jump in August – Is a Breakout Around the Corner?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The price of Cardano has risen by 0.5% in the past 24 hours, climbing to $0.3429 after the cryptocurrency market enjoyed a 2.5% lift today.
ADA has now gained by 3% in a week, and while it remains down by 3% in a month, yesterday also brought the news that Cardano ecosystem grew in August in terms of almost all of its important metrics.
Such growth highlights how ADA remains something of a sleeping giant as an investment, with the coin potentially on course for substantial growth once the wider market’s mood turns a corner.
Today’s move comes amid a more positive period for Cardano, with the coin’s indicators suggesting that it will continue to rise (on the whole) over the next few days.
Most notably, its 30-period moving average (orange) rose above its 200-period average (blue) late last night, a sign which usually indicates an imminent – on in-progress – breakout.
At the same time, ADA’s RSI (purple) has climbed above 50 this morning, another sign of growing momentum and buying pressure.
Also interesting is the coin’s rising support level (green), which is ascending so vigorously that it will probably hit ADA’s resistance level (red) soon.
Again, this would imply an incoming breakout, and with Cardano’s trading volume at a relatively low $300 million today, all it would take is one fairly big buy to lift it.
It’s hard to predict when such a buy will arrive, but with ADA down by 89% in relation to its ATH of $3.09 (set in September 2021), it’s clear that the market continues to undervalue heavily.
Indeed, Cardano’s fundamentals are
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