- Cardano edges higher within a falling wedge pattern, with bulls targeting a breakout rally.
- Optimism remains steady among Cardano derivative traders.
- On-chain data shows declining profit booking and active addresses.
Cardano (ADA) trades above $0.80 at press time on Friday, with bulls trying to overcome the 3.26% loss from the previous day. Cardano’s recovery teases a potential falling wedge pattern breakout on the 4-hour chart amid steady optimism among derivative traders. However, the on-chain data flash weakness as profits and network activity decline.
On-chain data reveals underlying weakness
The Network Realized Profit/Loss (NRPL) is used to gauge the net amount of profit or loss realized by token holders after on-chain transactions. Santiment data shows Cardano’s NRPL stands at 3.48 million ADA, down from 13.98 million ADA on Thursday. This indicates a significant decline in the amount of profits booked…
