Cardano: 3.47 Billion ADA Retraces as Price Hits Weekly Support

Cardano: 3.47 Billion ADA Retraces as Price Hits Weekly Support

Cardano (ADA) price has touched a key weekly support level, a critical point where buyers could intervene to prevent further declines.

Cardano (ADA) price has touched a key weekly support level, a critical point where buyers could intervene to prevent further declines.

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After weeks of steady declines, ADA reached the weekly SMA 50 at $0.433. This level has notably supported the ADA price since the end of October 2023, so the ADA contact here remains significant.

Cryptocurrencies closed the previous week in the red as the Bitcoin-led market fell on Friday after government employment data for May came in much higher than expected, with 272,000 jobs created.

At the time of writing, ADA was up 0.54% in the last 24 hours to $0.439, slightly above the previous day’s low of $0.432. The current price action suggests that ADA is at major support where a significant amount of ADA, nearly 3.47 billion coins, is held by a substantial number of addresses.

In the block
Global money in and out, courtesy of IntoTheBlock

According In the block According to data, 3.47 billion ADA were purchased by 350,940 addresses in the range of $0.371 and $0.431 at an average price of $0.3944.

If ADA manages to hold above this support level, including its 50 SMA weekly support, and gains bullish momentum, it could herald the start of a new uptrend. Traders and analysts will be watching Cardano’s price action closely in the coming days to determine its next moves.

What’s next for ADA pricing?

Cardano is currently trading in a symmetrical triangle pattern, indicating a battle between bulls and bears. Traders managed to push ADA price above the daily 50 SMA, which was $0.461, on June 7. ADA briefly reached highs of $0.49 before encountering resistance and the price began to fall.

TradingView
ADA/USD Weekly Chart, Courtesy: TradingView

ADA is now trying to rebound from a four-day losing streak. It remains to be seen how far the bulls will go with the recent price rally. If buyers break the $0.49 barrier, ADA could rise to $0.62. There is slight resistance at $0.57 but it is expected to be broken.

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Conversely, if Cardano falls below the daily 50 SMA at $0.461, it may imply that the bulls are taking profits, keeping the ADA price trapped inside the triangle for some time.

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