Cardano’s price continues to consolidate above the $0.35 support zone. An In-depth on-chain analysis provides insight into the next ADA price action.

ADA price failed to break above the $40 area amid last week’s altcoin market rally. Recent on-chain data readings show that Cardano network participants have not thrown in the towel.

Cardano Continues to Attract New Users. 

Cardano price slid into a consolidation phase after failing to clear the $40 resistance last week. However the ongoing ADA price correction has not discouraged new users from trooping into the Cardano ecosystem. The IntoTheBlock chart below shows that new user adoption rate has remained relatively high over the past week.

ADA new user adoption rate reached a monthly peak of 32.3% on Nov. 9. As depicted below, it has remained above 30% in each of the subsequent five days, a feat it only achieved eight times in the last three months combined.

The new adoption rate metric evaluates the percentage of addresses on a blockchain network that made their first-ever transaction

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Author: Ibrahim Ajibade

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