Cardano (ADA) demonstrated remarkable resilience, holding firm at $0.33 and then soaring by 33.7% to a trading price of about $0.44. Consequently, this latest price action led to a huge surge in market capitalization making it touch $15.8 billion. After taking an insignificant hit over the past day when ADA fell 4.42% to $0.421, there appears to be some cautious optimism surrounding the overall momentum as the cryptocurrency attempts to clear key resistance levels.
Cardano ADA is currently facing resistance below the crucial 200-day Exponential Moving Average (EMA) and remains challenged by market volatility, recently dropping by 4.42% over the last 24 hours to $0.421.
The correction in Cardano’s price formed a significant bottom which has now become a major support level for this cryptocurrency; ADA experienced strong buying pressure that lifted it above this barrier as well as breaking through its 50-day EMA and passing across the down sloping trend line of its correction channel that had been guiding it during that period of time prior to breakout; this breakout is very important because it signifies a movement from “sell on rallies” to “buy on dips;”. ADA still continues struggling under these essential barriers of which one must break through so as to have bullish sentiment confirmed.
ADA Faces Resistance Near 200 EMA $0.558
Close alignment between the resistance imposed by the 200-day EMA and that of the 50% Fibonacci retracement at approximately $0.558 may confirm even stronger ongoing recovery while setting more stage for some move towards higher resistances.. Conversely, with regards to IntoTheBlock data indicates that ADA is highly concentrated within certain range with around having been purchased at between $0 and $223370 in terms of addresses’ cumulative holdings indicating range bottoms ranging from41-45 cents per coin or, more precisely 4.79 billion ADA bought through 223,370 wallets for prices falling within $0.41 and $0.45.A bulltrap in this level might lead to further declines if bulls fail to defend it.
The recent price action of Cardano shows a currency oscillating above its moving averages indicating some indecision among traders. Currently, the Relative Strength Index (RSI) is in the positive zone which may favor buyers trying to start a stronger recovery. Once we see bulls maintaining their momentum and raising prices beyond that point then we expect ADA striking the overhead resistance at $0.51.
If there is continued defense by bulls on current support levels and price goes over 200D EMA, ADA has more room for profit and may probably test major resistance at $0.51 next; otherwise any fall below these moving averages could indicate that bears are still not dead yet so there will be a consolidation period or slight retracement within existing trading range.
Cardano (ADA) Sees Whopping 1,220% Surge in Inflows
Cardano (ADA) has seen an enormous rise in inflows from investors including large-scale holders or “whales”, with a staggering increase of 1,220%. This was evident when inflows increased from 14.51 million ADA up to an impressive volume of about 110 million ADA within one day back in early June.
This turnaround could similarly imply that investor sentiment is changing as we have seen for most part last month going down.Based on above mentioned context along with rising stakeholders’ bullishness as well as larger market participants taking part more often than before, Cardano’s investing community now wants to hit and go above dollar mark by all means possible
To continue its upward trajectory and fully reverse the recent bearish trend, it will be important for ADA to close above the 200-day EMA and keep support levels intact. Watch these significant technical levels as well as market responses to determine what future profits or corrections may be like.
