Based

Cardano

Strong

Billion

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Cardano (ADA) is looking to step out of its long-term negative price trend; however, crucial resistance lies ahead. Based on price data at the moment, Cardano has jumped by more than 3% in 24 hours to $0.3837. Whether or not this rebound is sustainable remains to be seen; however, traders' focus is different.</p>
<h2 id="strong-cardano-resistance-wall">Strong Cardano resistance wall</h2>
<p dir="ltr"><a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow">According</a> to data from IntoTheBlock, Cardano attained breakeven at an average price of $0.3722. After flipping this level that served as resistance over the past week, ADA is now eyeing the next level.</p>
<p dir="ltr">Ideally, the price could jump to $0.4 if the mild positive sentiment is sustained. However, growing beyond this level is where the concern starts from. The IntoTheBlock data shows that as many as 4.81 billion ADA might trigger a massive resistance around the price range of $0.419795 to $0.479247.</p> <img data-entity-type="file" data-entity-uuid="32893a59-229d-4ce5-b6ee-2a4aa7647cab" src="https://u.today/sites/default/files/inline-images/Cardano%20IO%20Chart.jpg"><a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=inAndOut" rel="noopener noreferrer nofollow">Cardano In/Out of The Money Chart Via IntoTheBlock</a>
<p dir="ltr">At this price level, more than 432,320 addresses might sell the coins, placing an intense strain on Cardano’s rally. In ADA’s push to regain its 52-week high, there are other resistance levels to watch; however, beating the nearest appears daunting because of broader market dynamics.</p>
<h2 id="cardano-not-slowing-down">Cardano not slowing down</h2>
<p dir="ltr">The price action of ADA might be less impressive for members of its community, but its efforts toward development tell a different story. Besides constantly ranking as a top protocol in&nbsp;<a href="https://u.today/cardano-ada-outshines-ethereum-eth-in-developer-activity" rel="noopener noreferrer nofollow">developer activities</a>, the team launches usable products for the community.</p>
<p dir="ltr">As reported earlier by U.Today, Cardano recently&nbsp;<a href="https://u.today/cardano-makes-strides-in-gaming-space-with-new-milestone" rel="noopener noreferrer nofollow">introduced a new game</a> that Charles Hoskinson considered a significant milestone for the ecosystem.</p>
<p>While pushing for recovery, whale activities on Cardano are also a major factor to watch. Recently, this metric&nbsp;<a href="https://u.today/cardano-ada-skyrockets-1218-in-whale-inflows-whats-going-on" rel="noopener noreferrer nofollow">skyrocketed by 1,218%</a> to show more traders are betting on the coin. With all eyes on ADA, the general market trend is a key factor that might change the narrative.</p>

4.81 Billion Cardano (ADA) Sell Wall Sparks Fresh Concern

Inhoudsopgave

U_Today

Andere artikelen gepubliceerd op 10 jul 2024

Confidently Send Multiple NFTs in Bulk

Bulls Show Resilience as SOL & AVAX Rebound Despite German BTC Fears

Avalanche Gains Momentum with Impressive Price Movement

Puffer UniFi Launches: Revolutionizing Ethereum’s Blockchain Ecosystem

Revolutionary Rollblock Set To Surpass LEO and Aptos In ROI and Passive Income

Coinbase Expands Crypto Trading in Germany with New Token Launches

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!