The ninth-largest cryptocurrency, Cardano (ADA), fell short of its peak of $0.81 on March 14. After hitting lows of $0.57 on March 20, ADA recovered sharply, but bulls were unable to push the rally over $0.648; as a result, the price of ADA resorted to range trading.
202,520 addresses purchased 6.26 billion ADA between $0.599 and $0.65, where ADA is presently trading at an average price of $0.621, according to IntoTheBlock on-chain statistics.
As of this writing, ADA has gained 1.04% in the previous day to $0.637 after hitting intraday highs of $0.64, the price at which it has recently seen a decline.
Bulls might expect to push ADA’s price to the desired $1 threshold by reaching a 3.47 billion ADA resistance with the present price action of ADA. This resistance indicates a high concentration of ADA holdings, which, depending on market conditions and investor emotion, may serve as a roadblock or a booster for Cardano’s value.
Based on data from IntoTheBlock, there is a substantial obstacle in the shape of strong resistance at 3.47 billion ADA just near to where ADA is now trading. This is in the range of $0.65 to $0.74, with an average price of $0.70 being paid by 185,980 addresses for 3.47 billion ADA.
The bulls’ prior attempts to drive ADA closer to the $1 mark have been thwarted by this crucial level, which has served as a barrier to more price growth. All eyes will be on the ADA bulls as they prepare for another try, hoping they will generate enough courage to overcome this strong opposition and send Cardano skyrocketing.
The result of this intense conflict will influence Cardano’s market dynamics more broadly in addition to determining its short-term price direction.
If the aforementioned key levels succeed, they may seize control of the key range between $0.74 and $1.08, where 444,540 addresses bought 1.76 billion ADA at an average cost of $0.913.
As ADA nears the subsequent important obstacle on its path to $1, the market is anxiously observing to determine whether the bulls possess the resilience to beyond it.
