- ADA dropped 23.8% in a week, approaching a key support area between $ 0.56 and $ 0.51.
- The drop in whale transactions and network activity suggest the prudence of investors, but a historic rebound model could emerge.
Cardano price performance (ADA) in recent weeks has not been different from the continuous trend observed on the wider market of cryptography. Although, at the time of the press, ADA is still up 7.2% in the past two weeks.
However, on a larger scale, like last month, the asset recorded a 10%dive.
Even when he zoom in on last week’s performance, Cardano also recorded a drop of 23.8% pushing his price to $ 0.716 at the time of writing.
Technical perspectives on ADA: key levels
Go into a technical perspective and analyze Ada of Ada,, It is quite obvious why the asset has experienced a constant decline in recent weeks.
Over the 4 -hour period, ADA’s price has recently trampled at a major level of resistance in the price region of $ 1.15.
Source: tradingView
While ADA arrived at this price level, it was rejected from this area, once again validating the level of resistance.
Given this, the asset had to see a major passage down until it reaches another notable support strong enough to reverse the downward trend.
Looking at the graph, it seems that this is what the ADA price is currently happening. Until now, the asset has decreased as low as $ 0.71 almost a major level of support that Sitting between $ 0.56 and $ 0.51.
If Ada reaches this level of major support, it is possible for a notable rebound upwards. Historically, each time ADA reaches this support, a major upward reversal occurs with ADA exceeding $ 1.
If ADA gives the support area and the story decides to repeat itself, we could see Ada rally up to $ 1 and even more than if it crosses the level of previous resistance.
What do the metrics in chain suggest
Now, moving away from techniques and entering the fundamental principles by assessing some of the main measures of ADA, it seems that the asset is in a long journey.
First of all, by examining the number of active addresses of ADA over a period of 7 days, data Santiment shows that this metric has gradually descended in the past year.
Source: Santiment
In particular, after having culminated at around 400,000 addresses in November 2024, he plunged up to 141k earlier this month.
Although he then had an increase at 235k on March 9, he seems to have regained his tendency down with the active addresses of Ada seated at 154k on March 13.
A drop in active addresses often reflects a drop in demand for transactions, which could indicate a reduction in investor commitment or a weakened network utility – potentially influencing the long -term cardano prices movement.
In addition, by examining another major cardano metric on the chain – Whale – Data of Intotheblock Data revealed that this metric has regularly dropped from the end of last year.
At the time of the press, Ada whale transactions were silent at only 4.73,000 k – a dive of almost 50% of the 9K transaction seen in December
Source: intotheblock
This drop in large -scale transactions could suggest that the main investors reduce their activity, possibly indicating a lack of confidence or investment strategies.
