Cardano (ADA) is looking to break out of its long-term negative price trend; however, there is a decisive resistance ahead. According to current price data, Cardano has jumped more than 3% in 24 hours to $0.3837. Whether this rebound is sustainable remains to be seen; however, traders are focused elsewhere.
Strong Cardano Resistance Wall
According to IntoTheBlock, Cardano has reached breakeven at an average price of $0.3722. After breaking through this level, which served as resistance last week, ADA is now looking at the next level.
Ideally, the price could jump to $0.4 if moderate positive sentiment persists. However, a move above that level is where the concerns start. IntoTheBlock data shows that up to 4.81 billion ADA could pose strong resistance in the price range of $0.419795 to $0.479247.
At this price level, more than 432,320 addresses could sell coins, putting a lot of pressure on Cardano’s rally. There are other resistance levels to watch as ADA seeks to reclaim its 52-week high; however, breaking the nearest one seems daunting due to the broader market dynamics.
Cardano is not slowing down
ADA’s price action may be less impressive to its community members, but its development efforts tell a different story. In addition to consistently ranking as a top protocol in developer activity, the team has been releasing useful products for the community.
As U.Today previously reported, Cardano recently introduced a new game, which Charles Hoskinson considered an important milestone for the ecosystem.
While pushing for recovery, whale activity on Cardano is also a major factor to watch. The metric recently skyrocketed by 1218%, showing that more traders are betting on the coin. With all eyes on ADA, the overall market trend is a key factor that could change the narrative.
