Cardano (ADA) price is consolidating at the $0.50 level since the start of August, indicating market indecisiveness. The crypto markets are struggling to recover from the damage of the Crypto Winter in the past month. The relief rally of July appears to have come to a hiatus. Nonetheless, a recent wave of wild accumulation of Cardano (ADA) addresses could push the asset above its level if sustained.
0.46% of ADA’s current supply added in 8 days
Per data from a Santiment chart, a combined approximate value of $138M worth of ADA has been accumulated by both whale and shark addresses (addresses holding 10k to 10M ADA) in just 8 days. The accumulation trend began on July 27 when the asset dipped below $0.46 and has since then persisted.
News of the Vasil Hard Fork delay hit the Cardano community two days later, but the negative sentiment stirred by the setback has done little to slow down the amassment. The accumulation trend has contributed an additional 0.46% of ADA’s circulating supply.
This trend indicates renewed interest in the asset despite the FUD pushed into the space by the mid-June crash which saw ADA go from $0.66 on June 8 to as low as $0.42 in ten days. The accumulation remains mild by community standards, but it could set ADA up for a breakout from the $0.50 zone if sustained.
ADA is looking to solidify its position at $0.50
Recently, the Cardano community appears to be the most confident of the bunch, indicated by a surge of wallet addresses and accumulation trends. ADA’s wallet addresses hit a new ATH of 3.7 million just three days ago, with 3.1 million addresses holding $1 worth of ADA and above.
ADA’s intraday performance yesterday was nothing short of the traits of a consolidation, as the asset’s lack of support above $0.51 has kept it tethered to the zone. Notwithstanding, the support of $0.45 largely seen in July appears to have been broken past, as ADA seeks to solidify its position on the $0.50 zone this month – the asset has not gone below $0.49 in August.
At the time of writing, ADA keeps its head up with the rest of the markets, as it trades at a value of 0.51 against the dollar, having increased by 1.6% in the past 24 hours.
Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.