Cardano Price Recovers Slightly After Recent Decline
Cardano's price has shown a slight recovery over the past 24 hours, with only a 0.06% decrease following a significant drop. Although the coin still maintains a 2.79% loss since last Friday, it has weathered the storm better than other major altcoins.
This recent uptick in price has sparked increased interest from traders in Cardano, as evidenced by a 31.08% surge in trading volume to $277.66 million in the last day.
Cardano Price "Undervalued" with Strong Fundamentals
Analytics firm IntoTheBlock revealed a significant milestone for Cardano on August 13th, pointing out that the percentage of Cardano tokens held by long-term holders (LTHs) has hit an all-time high. Nearly 40% of Cardano's supply is now held by these long-term holders across 3.2 million addresses.
Despite Cardano's underperformance this cycle, with a year-to-date loss of over 43%, only 18% of holders are currently profitable. This indicates a strong belief among long-term holders in the token's potential, as they continue to accumulate rather than sell.
On-Chain Metrics Signals Potential Rally
IntoTheBlock also highlighted that Cardano settles approximately $7.2 billion daily in on-chain volume, showcasing a low Network Value / Daily Transaction Volume (NVT) ratio of just 2.62. This suggests that the current price of $ADA may be undervalued based on on-chain activity.
Despite some stagnation in adoption this cycle, technical indicators point to a bullish case for the Cardano price. The MACD line is converging towards the signal line in an uptrend, while the Parabolic Stop and Reverse (SAR) indicator indicates potential further price uptrend.
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