The cryptocurrency market is warming up again, with prominent assets like BTC, ETH, XRP, and many others posting impressive gains. Adshares (ADS) is grabbing attention due to its fundamental growth as renowned crypto analyst Michael van de Poppe pointed out today.
According to metrics shared by the analyst, ADS has witnessed substantial growth in its ecosystem with notable surges in daily transaction volume. Despite this favorable on-chain activity, the altcoin is currently seeing price declines and restating support levels.
ADS retesting bearish support zones
As recognized by the market analyst, Adshares has recorded a substantial increase in expansion in its ecosystem. Despite the growth, the asset is currently experiencing a downward movement as noticed by its current price actions. Its value has been down by 8.3% over the past week and the asset is currently retesting support levels. ADS is currently retesting the support region of $0.385, as per the data.
This presents a strong opportunity for strategic accumulation. The data further backs this narrative. Over the past week, transaction volume on the ADS protocol rose by 12.5%, climbing to a mean of 3,200 transactions per day as of today. This interplay of surging transactional activity and price declines suggests that this little-known altcoin has growth potential.
Adshares in the accumulation phase
As pointed out by Poppe, this price retest indicates a prospective accumulation region for investors seeking to take advantage of the current market condition. This correction phase is due to the formation of a “death cross” that can be seen in the daily timeframe. The death cross suggests not only a weakening price strength but also the possibility of an extended downturn.
This market fall highlights the significance of patience and effective trading practices. The downtrend is not a cause for anxiety, but an opportunity for savvy investors to accumulate tokens at a discount and build long-term holdings. Especially, experienced investors like whales often see the current market condition as an opportunity to acquire more ADS tokens. The current situation highlights the significance of strategic planning, embracing patience, and the importance for investors to stick to their targets.
