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In the past week, the withdrawal of 20 million ADA from exchanges has sparked expectations for a price increase in Cardano 
$0.820882. The reduced supply on exchanges indicates that there are fewer ADA Coins ready for sale. According to some analysts, the altcoin may experience significant growth in the near future.
ADA Coin Price Prediction
Current data shows that ADA is trading around $0.71, experiencing a slight decline. Additionally, according to CoinMarketCap, Cardano’s trading volume has exceeded $902 million, suggesting high market interest. The amount of tokens withdrawn from exchanges highlights investors’ reluctance to sell.
Technical analyses indicate that the altcoin has broken out of a descending triangle formation on its charts. This development is seen as a potential signal for an upward movement in the near future.
Justin Qu: “ADA has signaled a rise by breaking the downward formation on the daily chart. This situation may indicate that new peaks could be reached soon.”
If the support level holds, the first resistance point for the altcoin is projected to be around $1.24; surpassing this level could lead to a rise up to $1.46. Some analysts have even expressed expectations for Cardano’s price to reach $2.70.
Cardano Network Data
There is also a noted recovery in the number of active transactions on the Cardano network and the total value locked (TVL) ratio. The increase of TVL to $442 million is particularly significant as it stands as one of the highest levels in the past month. In the last 24 hours, a rise of $3.87 million has been observed in DEX trading volume.
These developments indicate that positive technical and fundamental forecasts for Cardano remain intact. It can be said that investors are closely monitoring the decreasing supply and rising network activity. Current data suggests that fluctuations in the altcoin’s price may occur depending on market dynamics.
According to analyses, the increased transactions and rising blockchain activity may lead to positive movements in the altcoin’s value. This situation may require investors to be cautious while assessing market demands. Overall, Cardano’s price and network activities may align with developments in the market.
