- Cardano’s user base remains stable at 4.45 million addresses, highlighting a loyal community.
- ADA’s low NVT ratio suggests it may be undervalued, with a potential price rebound on the horizon.
- Cardano’s price and trading volume indicate a mixed short-term outlook, with recent trends showing bullish signals.
IntoTheBlock took to X to report that the number of Cardano addresses with a balance for over a year has hovered around 4.45 million. This consistency highlights a robust user base. However, Cardano faces challenges attracting new users as attention increasingly shifts to platforms like Solana and Base.
https://twitter.com/intotheblock/status/1823272401448095853
Despite these challenges, Cardano’s transaction count and active user base have remained steady since April. This stability indicates a committed community. Furthermore, Cardano processes approximately $7.2 billion in daily on-chain volume.
This impressive figure surpasses many other networks, contributing to a notably low NVT ratio of 2.62. Consequently, this low ratio could suggest that ADA is undervalued. Moreover, the percentage of ADA held by long-term holders has reached an all-time high of nearly 40%.
Cardano’s price is currently $0.341454, with a 24-hour trading volume of $212,171,576. Over the past 24 hours, Cardano has seen a 1.62% increase. The market cap stands at $12,270,012,350, with a circulating supply of 35,934,548,064 ADA coins and a max supply of 45,000,000,000 ADA coins. Notably, Cardano has risen by 2.99% over the last week.
On the four-hour chart, Cardano appears bullish. The 50-day moving average is rising, indicating a strong short-term trend. Conversely, the 200-day moving average has fallen since October 8, 2024, suggesting a weaker long-term trend. The price peaked at around $0.45 in mid-July before entering a downtrend.
The trading volume has been relatively stable, with notable spikes, particularly in early August, coinciding with a sharp price drop. Cardano’s RSI is at 37.60, approaching oversold territory. This suggests that ADA may be somewhat oversold in the short term.
Source: TradingView
Additionally, the MACD line is below the signal line, and both are below zero, indicating bearish momentum. However, the lines appear converging, which could signal a potential trend change if they cross.
According to Changellyblog, Cardano’s price estimate 2024 is between $0.309 and $0.379. The average trade price is estimated to be around $0.449. For September 2024, analysts predict a maximum price of $0.394, possibly declining to $0.335. The average price in September is expected to be about $0.364.
