Cardano price readies to breakout as the network expands with more than 5 million ADA addresses
- Cardano price is preparing to recover from its downtrend as the number of ADA holders hit a new all-time high of 5.1 million.
- Cardano holdings of mid-tier whale addresses with 100,000 ADA and above recently hit a record high.
- Analyst Benjamin Cowen believes the Cardano price trend reveals a pattern similar to Ethereum before its breakout.
Cardano price is on track for a trend reversal as analysts compare the altcoin’s price trend with Ethereum before the latter’s breakout. Analysts believe Cardano price could hit a $10 target in a massive rally.
Cardano price could break into a massive rally soon
The Cardano network hit a key milestone, with the total number of ADA holders surging to 5.1 million. This marks a year-on-year increase of 48% for the altcoin’s holders. The massive spike is attributed to the rising number of dApps and projects on the Cardano network, increasing the Ethereum-killer’s adoption.
In March 2021, the total number of Cardano addresses was 2.6 million. The number of Cardano holders has followed the increase in the dApps on the Ethereum-killer’s network. The rising on-chain activity and utility of the altcoin fueled a bullish narrative among investors.
The demand for Cardano has increased consistently as the altcoin gets a “second wind” in development and growth.
A crypto analyst and trader, Benjamin Cowen, recently evaluated the Cardano price trend. The analyst believes Cardano could emulate Ethereum’s price trend and witness a massive breakout. Cowen argues the best-case scenario for Cardano price arrives after a sideways trend, as a rally in an altcoin increases the selling pressure on the asset.
Cowen believes Cardano price is on track to recover to the $1.20 range where it has spent a lot of its time, starting February 2021. Ethereum price broke out of its downtrend in 2016, and Cowen believes Cardano could follow a similar pattern.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
