Cardano (ADA), currently the tenth largest cryptocurrency by market capitalization, is navigating a critical price range that significantly impacts short-term price movements.
At the time of writing, Cardano (ADA) has declined by 0.82% to $0.382. Earlier today, it dropped to a low of $0.375. This reflects widespread market selling, coinciding with Bitcoin hitting its lowest point in over a month, indicating fatigue in the cryptocurrency market amid a lack of fresh market catalysts. ADA dropped to a low of $0.366 on June 18 and remains down by 8.76% for the week.
Currently, 2.35 billion ADA have been accumulated across 159,400 addresses within Cardano’s current range of $0.38 to $0.394, averaging $0.387 per ADA. This accumulation forms a key support area for ADA’s price.
What’s next for ADA’s price? The current trading range, marked by significant buying activity, highlights a crucial support level. Should Cardano’s price decline further, market watchers and ADA holders may look to the expected next support zone between $0.373 and $0.38. This range could provide a safety net for the cryptocurrency, potentially limiting further declines.
Conversely, if ADA rebounds from its current levels, it may encounter significant resistance between $0.394 and $0.437. Within this upper range, 2.64 billion ADA were purchased by 206,880 addresses, averaging $0.414. This area could pose a formidable challenge to bullish momentum, requiring strong buying pressure to breach.
Read more Cardano’s Resilient Performance Amid Market Trends
ADA’s price trajectory may reach a pivotal juncture. The substantial volume of ADA purchased at distinctive price levels suggests strong support, yet it also hints at potential resistance that could slow upward momentum. Traders can monitor these critical price points for signals regarding ADA’s next significant move, alongside broader market trends and investor sentiment.
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