The cryptocurrency market is currently under selling pressure, and Cardano, the 10th largest cryptocurrency, is no exception. At the time of writing, ADA was down 2.38% in the previous 24 hours to $0.411.
The cryptocurrency market is currently under selling pressure, and Cardano, the 10th largest cryptocurrency, is no exception. At the time of writing, ADA was down 2.38% in the previous 24 hours to $0.411.
Recent on-chain data has identified a critical support level for ADA, shedding light on a significant price range where substantial volume of ADA was purchased.
According to the chain analysis of In the block, the next critical support level for Cardano is between $0.371 and $0.403. This range is particularly notable because it marks a zone where 251,280 addresses purchased 2.6 billion ADA. The average purchase price within this range is approximately $0.386.
The concentration of buying activity within this price range generally suggests that a significant number of investors are likely to defend this price zone, providing a solid level of support for Cardano. The indicated support zone could potentially halt the current downtrend and provide a foundation for a price rebound. Notably, this support stopped the ADA price decline during the mid-April wash.
Tomiwabold OlajideCurrently, ADA is trading just above this key support zone, and the recent price action tests these levels.
That said, a sustained price above $0.386 could indicate that the market is respecting on-chain data signals, possibly leading to a consolidation or an upward move. On the contrary, a break below this range could trigger further declines.
As the market awaits ADA’s next price move, on-chain data has provided a clear indication of where next support could be found. It remains to be seen whether this support zone will hold or give way under market pressure, but it certainly represents a key area to watch in the coming days.
