Cardano Lands Milestone Partnership but Will it Drive ADA Price Above $0.30? 

2023-11-1 21:00

Cardano (ADA) price has struggled to break above the $0.30 resistance amid the ongoing crypto market rally. On-chain analysis examines how the team’s recent partnership deal could impact the bullish momentum. 

Cardano announced a milestone partnership deal on October 31. Will it drive ADA price above the elusive $0.30 territory?

Cardano’s New Partnership Could Bolster Rising Network Activity

On Tuesday, October 31, Cardano’s parent company, Emurgo, announced a partnership with the Institute of Blockchain Singapore (IBS). By “driving education of Cardano,” as highlighted in the announcement, the deal could further expand the adoption of products and services hosted on the Layer-1 blockchain network. 

On-chain data shows that the timing of Cardano’s latest partnership aligns with the ongoing network activity trends. 

According to Santiment, Cardano has attracted a consistently high level of network activity over the past week. The chart below illustrates that Cardano has witnessed a steady flow of network activity from at least 30,000 unique addresses in each of the last 9 days dating back to October 23. 

Cardano (ADA) Daily Active Addresses. Source: Santiment 

The active addresses metric is a daily aggregate of the number of unique addresses that carry out valid network transactions. Intuitively, increasing active addresses is a bullish indicator, signaling increased demand for blockchain-hosted projects and the underlying native coin. 

Notably, historical trends show that the last time the Cardano network attracted a minimum of 30,000 unique addresses for up to 9 consecutive days was in July 2023, when prices rose toward $0.35. 

This tacitly implies that Cardano’s current wave of network activity has a carrying capacity to drive prices above the $0.30 level.

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Whales Have Acquired 80 Million Coins in 9 Days

The Whales’ trading activity is another vital indicator that could propel Cardano’s price above $0.30 in the days ahead. According to Santiment, the whales (addresses holding 1 million to 100 million ADA) acquired 80 million coins between October 23 and October 31.

Cardano (ADA) Whales’ Wallet Balances. Source: Santiment

The Whale Wallet Balances metric helps to track real-time changes in the trading activity of large institutional investors. The chart above shows that over the past 9-days, Cardano whales have capitalized on the crypto market rally to acquire ADA coins worth approximately $24 million (ADA/USD ~$0.30). 

Typically, when large investors keep buying during a rally, it suggests that they are confident of further price leg-up. 

If this thesis holds, ADA holders can anticipate a decisive breakout above $0.30 in the days ahead. 

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ADA Price Prediction: $0.35 on the Horizon

Drawing an inference from the bullish indicators analyzed above, Cardano’s price will likely reclaim the $0.30 territory in the coming days. The Global 

The Global In/Out of the Money data, which is an on-chain representation of ADA holders’s historical buying trends, also confirms this narrative. It, however, shows that Cardano is currently trading with two significant clusters of support and resistance. 

As depicted below, the 105,440 addresses had bought 4.08 billion ADA at the maximum price of $0.30 will mount an initial resistance. But if the bullish can keep up the buying trend, they could force a breakout toward $0.35 as predicted. 

Cardano (ADA) Price Prediction | GIOM data | Source: IntoTheBlock

Alternatively, the bears could negate that prediction if ADA price dips below the $0.25 mark. But the bulls will likely mount a strong support buy-wall around $0.27.

The chart above shows that 361,500 addresses currently hold 5.55 billion ADA bought at the average price of $0.27. If they HODL, they will likely prevent a major Cardano price reversal.

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The post Cardano Lands Milestone Partnership but Will it Drive ADA Price Above $0.30?  appeared first on BeInCrypto.

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partnership ada cardano above drive price milestone

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