Crypto expert Ali recently sheds light on Cardano’s (ADA) current position in the market, identifying a crucial demand zone that could dictate the future trajectory of the cryptocurrency. ADA is currently hovering between $0.37 and $0.38, a pivotal range that has seen significant activity.
According to Ali, a staggering 166,470 wallets recently acquired a total of 4.88 billion ADA within this key demand zone. This influx of interest and investment suggests a strong belief in ADA’s potential for upward momentum. The data signals a growing confidence among investors, positioning Cardano for a potential climb to new yearly highs.
Ali points out that the current scenario offers Cardano minimal resistance ahead, coupled with a robust support level below the $0.38 mark. If ADA manages to stay above this critical zone, it could set the stage for a bullish breakout. The lack of significant obstacles in the immediate future makes the prospect of ADA reaching new heights in the coming weeks more plausible.
However, investors are advised to remain vigilant, as the cryptocurrency market is notoriously volatile. Losing support at the $0.37-$0.38 range could trigger a brief correction, potentially pulling ADA down to $0.34. Traders should closely monitor this level, as a breach could temporarily dampen the bullish sentiment surrounding Cardano.
Cardano (ADA) Displays Mixed Signals
As of the latest data by CoinMarketCap, Cardano (ADA) is currently trading at $0.373643, experiencing a 3.92% surge in its 24-hour trading volume, reaching $256 million. However, despite this recent uptick, the cryptocurrency has witnessed a 2.84% decline in the last 24 hours and a 2.39% drop in the weekly chart.
Securing the #8 spot on CoinMarketCap, Cardano boasts a market cap of $13 billion, supported by a circulating supply of 35,298,225,396 ADA coins and a maximum supply of 45,000,000,000 ADA coins.
Over the past 30 days, Cardano has demonstrated 18 green days out of 30, translating to a 60% positive trend. The cryptocurrency has also exhibited a 9.33% price volatility during this period. The technical indicators reveal a prevailing bearish sentiment in the market, with a Bearish score of 53%. Despite this, the Fear & Greed Index registers a score of 66, indicating a state of Greed among market participants.
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