The significant market downturn from yesterday saw major sellers sell 20.38 billion ADA, according to the cryptocurrency analytics service IntoTheBlock. At the same moment, 20.37 billion Cardano tokens were purchased by similarly significant purchasers. As a result, in a battle that has been going on in Cardano for a year, bears have managed to overcome bulls.
We are referring specifically to the fact that the ratio of significant sellers to buyers of ADA has been in balance since last April. This lists the addresses that trade at least 1% of the daily trading volume of Cardano tokens, as determined by the IntoTheBlock technique.
Now, there is an equal distribution of power; throughout the past seven days, there have been 47 bull addresses and exactly the same number of bear addresses.
What’s with price of Cardano (ADA) now?
Even though there were around 10 million more purchases than sells, the price of the Cardano token only regained a third of yesterday’s downward high. Nonetheless, the purchasers were able to maintain a crucial price support level of $0.4 per ADA.
All other factors being equal, the current movement may be viewed as a positive retest as long as the price is above this threshold. This opens the door for the Cardano token to increase to another beloved milestone of $0.6 per ADA.
Overall, Cardano was impacted by the market drop, but the bulls and bears maintained a reasonably equal power balance, suggesting that the price of ADA may still be able to rise in the future.
