Following the key partnership announcement, Cardano price is targeting $0.30. Emurgo, the parent company of Cardano, announced a significant cooperation on Tuesday, October 31. In announcing their partnership with the Institute of Blockchain Singapore (IBS), Emurgo said they were here to “promote Cardano.” The adoption of goods and services housed on the Layer 1 blockchain may grow due to this collaboration.

According to online data, Cardano’s most recent collaboration fits with the current network activity patterns. Santiment claims that Cardano has continuously drawn a lot of network activity during the previous week. The graph below shows that since October 23, Cardano has had consistent network activity, with at least 30,000 unique addresses engaging every nine days.

Following the Key Partnership Announcement, Cardano Price is Targeting $0.30

Each unique address carrying out a legitimate network transaction added daily determines the total number of active addresses. An increase in dynamic addresses can be seen as a visual representation of price growth, indicating a burgeoning market for blockchain-based products and the underlying native currency.

Remarkably, historical patterns show that, over nine days in July 2023, when the price spiked to $0.35, the Cardano network last drew at least 30,000 unique addresses. This proof suggests that Cardano’s price could rise above $0.30 due to the present spike in network activity.

Whales Have Amassed 80 million ADA in 9 Days as Cardano Price is Targeting $0.30

Following the Key Partnership Announcement, Cardano Price is Targeting $0.30

The trading activity of whales is another crucial factor that may push Cardano’s price above $0.30 in the upcoming days. Santiment claims that between October 23 and October 31, whales (addresses with 1 million to 100 million ADA) acquired 80 million ADA coins.

Following the Key Partnership Announcement, Cardano Price is Targeting $0.30

Large institutional investors can monitor changes in trade activity in real time thanks to the Whale Wallet Balance data. According to the above data, Cardano whales have amassed almost $24 million worth of ADA (ADA/USD ~ $0.30) by taking advantage of the cryptocurrency market’s recovery over the last nine days.

Large investors typically indicate their faith in future price gains when they keep buying during recovery. Holders of ADA can expect an apparent breakthrough above $0.30 in the following few days if this thesis is valid.

ADA Price Prediction: $0.35 on the Horizon

Following the Key Partnership Announcement, Cardano Price is Targeting $0.30

Based on the analysis of the price indications discussed above, Cardano’s price will likely return to the $0.30 range soon. Global On-Chain data further supports this narrative, which shows online trends in the past purchasing patterns of ADA holders. But it also indicates that Cardano trades between two essential clusters of support and resistance.

As shown below, 105,440 addresses purchased 4.08 billion ADA at a maximum price of $0.30, establishing an initial resistance level. However, if the purchasing trend continues, the bullish side can reach the $0.35 level as anticipated.

Following the Key Partnership Announcement, Cardano Price is Targeting $0.30

Furthermore, if ADA prices fall below $0.25, the bears may contest this prediction. Around $0.27, nevertheless, the bullish camp might build a solid support wall.

According to the above figure, 361,500 addresses presently possess 5.55 billion ADA, bought at an average cost of $0.27. They could prevent any meaningful price reversal for Cardano if they HODL. In conclusion, Cardano’s recent partnership announcement is a notable development that has the potential to drive its price to $0.30, highlighting the increasing significance of blockchain collaborations in the cryptocurrency space