Cardano (ADA), currently the tenth-largest cryptocurrency by market capitalization, has seen a decline of 2.38% in the past 24 hours, bringing its price to $0.411 at the time of writing. The broader cryptocurrency market is under selling pressure, and ADA is no exception.
Recent on-chain data has identified a crucial support level for ADA, highlighting a significant price range where a large volume of ADA was acquired. The next key support level for Cardano is between $0.371 and $0.403. This range is particularly noteworthy as 2.6 billion ADA were purchased by 251,280 addresses within this zone, with an average buy price of approximately $0.386.
The concentration of buying activity within this price range typically indicates that a substantial number of investors are likely to defend this price area, providing strong support for Cardano. This support zone has the potential to halt the current downtrend and lay the foundation for a price recovery. Notably, this support level prevented ADA’s price from falling further during a mid-April sell-off.
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Currently, ADA is trading just above this critical support zone, with recent price action testing these levels. A sustained price above $0.386 could signal that the market respects the on-chain data signals, possibly leading to consolidation or an upward move. Conversely, breaking below this range might trigger further declines.
On-chain data has provided a clear indication of where the next support can be found. It remains to be seen whether this support area will hold or buckle under market pressure, but it undoubtedly represents a key level to watch in the coming days.
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