We all know that the Cardano news in 2020 are great and show that ADA has been one of the hottest coins of the year, posting gains which were only matched by coins like Tezos (XTZ) and Chainlink (LINK). Still, many are wondering where Cardano will go next which is why we are listing the three ADA metrics that can determine its mid-term sentiment.
Increased usage rates and progress in its development helped drive this uptrend and allowed the coin to climb over 270% from the March lows. However, there are some critical factors which could influence its trend in the coming days and weeks.
Below we are listing the three ADA metrics which will likely direct the price of Cardano and its mid-term outlook.
Factor 1: Cardano is leading the smart-contract sector as Shelley phase progresses
We wrote about this many times in the month of June. Basically, Cardano is currently leading the smart contract sector in terms of price performance as it is trading up by nearly 160% since the start of 2020.
Data from Messari showed that ADA was followed by Ethereum in second place, and VeChain (VET) in third place.
Factor 2: On-chain data signaling ADA is approaching
The growth of Cardano in the near term may be hampered by the massive resistance which the coin is rapidly approaching. According to on-chain data by IntoTheBlock and its “In/Out of the Money” indicator reveals that the price region between $0.08 and $0.09 may be hard to reach in the near-term.
Still, some analysts now think that this is one of the three ADA metrics which could be slowing down in the days to come.
Factor 3: Large TX volume plummeting
Large investors are apparently taking notice of the imminent resistance of the coin, as its large transaction count has reeled lower in recent times. Data set from IntoTheBlock shows that Cardano’s large transactions (over $100,000) and their count has plunged from the weekly highs of 520 to 235 currently, declining over the past couple of days.
These are the three ADA metrics which could mean a lot in the crypto news next month. As you probably know, Cardano (ADA) is now trading at the 11th position at $0.083 with a 3.40% increase on the day.
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