Cardano

Strong

Bitcoin

Coin

<p>The post <a href="https://coinpedia.org/news/cardano-price-set-to-skyrocket-amid-strong-investor-confidence-in-ada/">Cardano Price Set To Skyrocket, Amid Strong Investor Confidence In ADA&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Cardano (ADA), with a market cap of $14.8 billion, has recently surged showing signs of a potential recovery after finding strong support at $0.3800. It has surpassed key resistance levels of $0.4150, outpacing Bitcoin and Ethereum.&nbsp;</p> 
<p>Despite <a href="https://markets.coinpedia.org/cardano/">hitting a high of $0.4225</a>, ADA is currently consolidating its gains. However, what’s catching attention isn’t just ADA’s price action, but also the steadfast confidence of its investors amid market fluctuations.</p> 
<h2 class="wp-block-heading" id="h-investor-confidence-holds-strong">Investor Confidence Holds Strong</h2> 
<p>Despite facing downward trends in June, ADA investors have remained strong in their holdings. The Mean Coin Age, a metric indicating the average duration coins are held, has consistently risen.&nbsp;</p> 
<p>This increase suggests that investors are holding onto their <a href="https://coinpedia.org/news/top-crypto-trader-predict-cardano-ada-price-set-to-skyrocket-to-0-7/">ADA for longer periods</a>, indicating strong confidence in the cryptocurrency’s future performance. This extended holding pattern could potentially lead to substantial profits for investors.&nbsp;</p> 
<p>The rise in Mean Coin Age highlights investors’ strong confidence in ADA’s prospects, despite market volatility. According to the Global In/Out of the Money (GIOM) metric, ADA faces potential losses on approximately 1.7 billion ADA purchased between $0.39 and $0.42, totaling $683 million.&nbsp;</p> 
<p>If ADA’s price continues to rise, this supply could turn profitable, potentially attracting more investors and bolstering ADA’s resilience in a bearish market.</p> 
<h2 class="wp-block-heading" id="h-cardano-price-to-reach-0-50">Cardano Price To Reach $0.50</h2> 
<p>If the price goes up again, it might face resistance around the $0.420 area. The first hurdle is at $0.4225 and the next important resistance could be around $0.4450.&nbsp;</p> 
<p>If the price manages to close above $0.4450, it could start a strong upward movement. Meanwhile, in that scenario, the price could rise towards the $0.4850 level. Further gains might even <a href="https://coinpedia.org/price-analysis/cardano-trying-to-rise-above-bearish-captivity-ada-price-may-secure-0-5-if-this-trade-plays-out-well/">push it towards $0.50</a>.</p> 
<h2 class="wp-block-heading" id="h-is-correction-looms-ahead-for-ada">Is Correction Looms Ahead For ADA</h2> 
<p>Looking ahead, if ADA fails to breach the $0.4225 resistance level, it may face further downside. Meanwhile, instant <a href="https://coinpedia.org/news/cardano-price-technical-pattern-repeating-10-times-signals-a-bullish-move-to-the-moon/">support is expected around</a> $0.4120, followed by major support near $0.4080 and the second trend line. A drop below $0.4080 could lead to a test of $0.400, with additional support near $0.3880.</p> 
<p>As of now, ADA is trading at $0.4138 reflecting a surge of 1.5% seen in the last 24 hours with a market cap of $14.8 billion.&nbsp;</p>

Cardano Price Set To Skyrocket, Amid Strong Investor Confidence In ADA

Table of Contents

CoinPedia News

Other articles published on Jul 3, 2024

Pixelverse Introduces Leading Memecoin Mew to the Telegram Ecosystem (3 Jul)

Shiba Inu (SHIB) Reigns as Meme Coin Champion in the Ethereum Ecosystem

Ethereum Tops Blockchain Fee Income, Surpassing $2.7 Billion

2024 Crypto Market Insights: ETF Approvals, Regulatory Frameworks, and Market Dynamics

KuCoin to Enforce 7.5% VAT on Fees for Nigerian Users from July 8

Embark on a Wealth-Building Journey: Harness the Power of the MoonBag Referral Bonanza!

Join our free newsletter for daily crypto updates!