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ADA Rebounds 11% from Key Level as On-Chain Signals Flip Bullish

Wed, 12/01/2022 - 13:00
ADA Rebounds 11% from Key Level as On-Chain Signals Flip Bullish
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IntoTheBlock's on-chain signals have flipped bullish for Cardano (ADA) as it journeys upwards from the $1.07 key support. At the time of publication, ADA was changing hands at $1.238 after rebounding 10% from Jan. 10 market sell-off lows.


The net network growth indicator that provides a view of both user engagement and growth is presently bullish, along with future market momentum, as per IntoTheBlock data.

Cardano On-Chain Signals, Source: IntoTheBlock

As reported earlier by U.Today, Cardano has seen growth in active users since the start of 2022. Likewise, Cardano has seen an increase in Github commits, sustaining the trend of development activity in 2021.

Several projects are in final testing or starting to deploy as the network anticipates new DeFi launches. IOHK CEO Charles Hoskinson stated in late December 2021 that more than 175 projects are building on Cardano and more than a dozen will be launched by the end of Q1, 2022.

On the schedule of events, this year will see Cardano move first into Basho and then into Voltaire. The Basho phase focuses on optimization, scaling and network growth. Along these lines, Cardano's parent company, IOHK, announced it would be making a series of node and Plutus improvements and steady adjustments to network parameters.

The Cardano node version (v 1.33.0), a performance-oriented node that aims to bring significant improvements in sync time and block propagation time and reduce memory usage, was released on Jan. 7.

ADA/USD bounces off support as rally gains traction

Cardano (ADA) is trading up like the rest of the crypto market as it embarks on erasing the prior day's losses. The ADA/USD pair had breached its key support at $1.180 on Jan. 8 before starting a fresh decline to the $1.170 level as the entire crypto market plunged.

ADA/USD Daily Chart, Source: TradingView

However, the pair's selling pressure eased and rebounded on the support at $1.070 as dip buyers returned to control the direction. The relative strength index is up from the oversold region as sellers take their chips off the table.

Cardano (ADA) sentiment remains upbeat, although bulls need to clear $1.370 and the moving average (MA 50) barrier to turn the tide bullish and to turn $1.180 into a reliable support zone.

It has a trading volume of $1,259,038,044 in the last 24 hours and has gained 8.77%. ADA has a live market cap of $41,564,083,476, as seen on CoinMarketCap, and ranks #7. There are 33,512,970,943 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.


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