In October, the bitcoin market sprang back to life. In the previous eight days, the combined crypto market cap has risen to $2.3 trillion.
Cardano is the talk of the town, with its ADA token becoming one of the best-performing crypto assets thanks to a market rise. Over the last few weeks, Cardano price has been moving in a bearish direction. However, at the end of September, a higher low was set, showing that bullish momentum was building.
On the 4-hour chart, the Cardano price is retracing after failing to stay above the $2.30 resistance, implying that further fall is on the way. ADA coins’ daily technical chart and price trend suggest a bullish trend. The initial support zone, based on the pivot point, is $1.90, followed by $1.65.
Since June, the overall volume has been steadily decreasing. However, in the previous several days, the volume has increased.
ADA On-chain analysis:
According to IntoTheBlock data, Cardano’s average number of large transactions on-chain declined dramatically at the end of September. Since the start of the recovery, the number of average transactions has stayed below the 6-month mean value.
Investors who facilitate transfers of $100,000 or more are typically referred to as large transactions. As a result, a decline in significant transactions suggests that the activity seen earlier in the year isn’t present now.
Furthermore, its active address ratio has fallen below the industry average, implying that addresses with a balance have made less transfers since September 15.
CoinShares’recent weekly inflows report also revealed a dearth of institutional buying. According to the same, Bitcoin and Ethereum saw $68.7 million and $20.2 million in inflows, respectively. Cardano, on the other hand, only claimed $1.1 million in capital inflows.