Cardano continues to add new wallets. But how is the price outlook?

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Cardano continues to add new wallets. But how is the price outlook?

By Motiur Rahman - min read

Is Cardano growth and ADA price going in opposite directions? That’s the snapshot for the Layer-1 blockchain, as the price remains down 18% on Monday amid an intraday recovery of 0.50%.

According to Cardano Blockchain Insights data, there has been an increase in the number of addresses holding ADA. In the week preceding November 13, the blockchain added more than 33,000 addresses. The addresses rose to 3,638,522 after the week’s addition. 

The increased addresses on Cardano underline investors’ interest in the blockchain amid positive developments. One of the key developments is the recent Vasil hard fork, which is expected to increase the network’s throughput. Cardano is also developing a new wallet called Lace.

Lace will be a multi-chain crypto wallet with seamless linkages in Web2 and Web3. The wallet is expected to bring blockchain identities, apps, and transactions to a single interface. Cardano founder Charles Hoskinson expects the wallet to be a game changer. He expects it to propel the network to a billion users.

As it stands, Cardano’s growth has not commensurate with the price of ADA. The token has been vulnerable to sector weakness following the FTX fiasco. 

ADA faces immediate minor resistance amid a bear market

Source – TradingView

The long-term momentum for ADA is bearish. The token continues to form lower lows and lower highs, confirming a bearish momentum. ADA also trades below the moving average. The RSI is below the midpoint but does not indicate oversold conditions for the cryptocurrency. 

Should you buy ADA now?

Although ADA has initiated a minor recovery at $0.31, there is no guarantee that the token will sustain the gains. A minor resistance exists at $0.34, slightly above the current ADA price of $0.33. Also, momentum is weak, indicating that the current recovery could be part of price swings in continuation with the bearish market.

Besides, the overall crypto sector remains weak. As such, we could see further drops in ADA prices. Investors should not buy the token until a clear directional moment appears, followed by bullish signals.

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