Cardano Price Outlook Targets $0.30 Breakout as ADA Network Activity Surges

Cardano price rose 6.80% to $0.257 over 24 hours on Saturday, outperforming Bitcoin as network activity increased. 

ADA is above $0.25, placing the $0.30 mark back in the spotlight following 20% gains in the last month.

On October 7 and 8, Santiment recorded 27,500 and 27,200 daily active addresses, respectively. Both readings were roughly 70% above September’s weekday average, reflecting a rise in addresses sending or receiving ADA. 

Bitcoin price remained close to $82,800, Ethereum price was close to $2,494, and XRP was close to $1.40.

Ad

Ad

Cardano’s On-Chain Activity Surges as Active Addresses Jump

The Cardano network is experiencing increased activity, with the number of daily active addresses increasing significantly above the weekday average in September. On the 7th and 8th of October, Santiment reported about 27,500 active addresses and 27,200, respectively. Both the readings were approximately 1.7 times the September weekday readings, which was more interaction of the public blockchain.

Another milestone of the network, which was launched in 2017, is the data indicated by CardanoScan, which is that cumulative transactions have surpassed 125 million. A previous snapshot had epoch 660 transactions close to 450,000, as compared to 130,000 to 160,000 in recent epochs.

In the meantime, a report on October 3 with reference to DeFiLlama pegged the volume of the weekly decentralized exchanges at 37.14 million, which is 112% higher. SundaeSwap recorded $23.51 million and Minswap recorded $6.59 million in the same seven days period.

Ad

Ad

Will Cardano Price Reach $0.30 After Reclaiming $0.25?

The ADA price surged to $0.256 on October 10, with its latest four-hour candle showing a 0.79% gain. The cardano price has regained its position above the $0.230 level and has surged again above the highlighted $0.250 level. 

The first resistance target is at $0.27. Four consecutive hours in the close position above that might open up a retest of the recent level of $0.280.  The ADA long-range prediction target is at $0.300, which is equal to the upper horizontal level and upward projection.

The support level of $0.250 offers a starting point of support following the rebound that crossed the level. A lower level would reexpose the area of $0.230 and undermine the short term recovery situation.

The MACD line was close to minus 0.002 above its signal line, which is around minus 0.004. Its positive 0.002 histogram indicates the momentum can be improved. The two lines were however, below zero, and the momentum recovery was not complete. 

The Chaikin Money Flow also increased to 0.09 having fallen to the negative side.