Cardano (ADA), the 10th largest cryptocurrency by market cap, is currently trading within a crucial price range that has major implications for its near-term price movement.
Cardano (ADA), the 10th largest cryptocurrency by market cap, is currently trading within a crucial price range that has major implications for its near-term price movement.
Cardano (ADA) was down 0.82% to $0.382 at the time of writing, after falling as low as $0.375 earlier in the day. ADA is mirroring a broader market sell-off, which saw Bitcoin fall to a more than one-month low, and the cryptocurrency market rally is showing signs of fatigue in the absence of new market catalysts. ADA fell to a low of $0.366 on June 18 and is still down 8.76% weekly.
According to data from In the block, a remarkable 2.35 billion ADA were purchased by 159,400 addresses within Cardano’s current range of $0.38 to $0.394, averaging $0.387 per ADA. This accumulation marks a key support zone for ADA price.
What’s next for ADA pricing?
The current trading range, where substantial buying activity has occurred, highlights a critical support level. If Cardano price falls further, market watchers and ADA holders could look towards the next anticipated support zone, which lies between $0.373 and $0.38. This range could provide a safety net for the cryptocurrency, which could curb further declines.
Tomiwabold OlajideOn the other hand, if ADA price recovers from its current levels, it may face its next significant resistance between $0.394 and $0.437. Within this upper range, 206,880 addresses purchased 2.64 billion ADA, with an average price of $0.414. This area could present a formidable challenge to bullish momentum, and would require strong buying pressure to break through.
Currently, on-chain data suggests that ADA price could be reaching a crucial point. The huge volume of ADA purchased at the featured price levels indicates significant support, but could also suggest potential resistance that could curb bullish momentum. Traders can keep an eye on these critical price points for signs about ADA’s next big move, as well as broader market trends and investor sentiment.
