Cardano (ADA) continues to hover around the $0.30 and $0.35 mark as the token struggled to breach crucial resistance levels for the last few days. This decline could be attributed to the selling pressure the cryptocurrency experienced lately.
However, on-chain data reveals that market participants are now allocating their capital to buying ADA around its current price. Will this bullish pressure drive a notable upswing?
Cardano Investors Get Ready to Splash the Funds
Cardano’s price is currently $0.32, reflecting a 7% drop over the past week. However, data from IntoTheBlock suggests that some investors see this as a buying opportunity ahead of a potential market recovery.
According to the Exchange On-chain Market Depth, a metric that tracks order books on the top 20 exchanges, participants have placed buy orders for 220 million tokens. At the current price, this represents over $70 million.
In contrast, bears are attempting to…
