Blockchain analytics firm IntotheBlock has shed light on a surprising trend within the Cardano (ADA) community, revealing that only 35% of ADA holders are currently in profit. This figure starkly contrasts other leading blockchain protocols, indicating potential challenges for ADA investors despite the recent bullish market trends.
The on-chain data presented by IntotheBlock further discloses a notable resistance level at $0.38 for ADA. According to the analytics, a significant 7.19 billion ADA tokens have been acquired at this resistance point, suggesting a formidable barrier for further upward movement. Breaking through this resistance level could be a critical milestone for ADA and its holders.
The revelation that only 35% of ADA holders are in profit amid recent market surges raises questions about the protocol’s ability to capitalize on favorable market conditions. As other top protocols witness higher percentages of profitable holders, ADA investors may be facing unique challenges in realizing gains.
Cardano (ADA) Current Price Analysis
According to the latest data from CoinMarketcap, ADA is trading at $0.376136. The 24-hour trading volume for ADA stands at $268 million, reflecting a 3.09% increase. However, the cryptocurrency has experienced a 2.59% decline in price over the last 24 hours and a 1.95% decrease in the weekly chart.
As of now, ADA holds the #8 position in the CoinMarketCap ranking, boasting a market capitalization of $13 billion. The circulating supply of ADA coins is reported to be 35,303,656,335, with a maximum supply capped at 45,000,000,000 ADA coins.
Over the past 30 days, Cardano has witnessed 18 out of 30 days (60%) characterized by positive price movements, demonstrating a 9.33% price volatility during this period. Technical indicators suggest a prevailing Bearish market sentiment, accounting for 53%, while the Fear & Greed Index assigns a score of 72, indicating a state of Greed among market participants.
The $0.38 resistance level identified by IntotheBlock becomes a focal point for ADA enthusiasts and investors. Clearing this hurdle may not only pave the way for potential price appreciation but also has the potential to boost overall holder profits. Whether Cardano (ADA) manages to overcome this challenge will likely play a crucial role in determining the profitability and sentiment of its investor base in the coming weeks.
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