Cardano Price Rises 0.518% Amid Network Growth, Bearish Signals Persist

Cardano's latest price was $0.5857, up 0.518% in the last 24 hours. This increase comes amidst a backdrop of significant network growth, with the number of wallets surpassing 5.4 million in the past six months. This surge in wallet growth indicates a strong user base and increasing adoption of the Cardano network. Despite this positive development, the network has faced bearish signals, with pressure taking the lead in the market. The divergence between user activity and price action has become noticeable, as the Relative Strength Index (RSI) sits near 33, close to oversold, and major Exponential Moving Averages (EMAs) remain above current levels. The $0.60 mark has proven to be a sticky support level, and a bounce toward $0.66 remains possible if this support holds and current chart structures confirm reversal pressure.

Cardano's ecosystem continues to grow, with over 270 million ADA being sold by large holders in just seven days. This massive exit shows that even long-term holders are stepping away, indicating a lack of short-term momentum and fresh narratives. The network's past popularity and ecosystem are being questioned as its role in the list of cryptos with the most upside potential going forward. The chart shows a clear descending channel, with each bounce attempt failing and sellers staying in control. The RSI is stuck near 37, and the Moving Average Convergence Divergence (MACD) is showing a bearish crossover, confirming the trend. For ADA to bounce back, the price must break above $0.65 soon. If not, it could fall to $0.45 or even lower to $0.40.

Cardano's network growth continues to accelerate, with the number of wallets surging by more than 400,000 in the past six months, bringing the total to over 5.4 million. This growth is a positive sign for the network, as it indicates increasing adoption and user activity. However, the network has faced bearish signals, with pressure taking the lead in the market. The divergence between user activity and price action has become noticeable, as the RSI sits near 33, close to oversold, and major EMAs remain above current levels. The $0.60 mark has proven to be a sticky support level, and a bounce toward $0.66 remains possible if this support holds and current chart structures confirm reversal pressure.