Cardano Launches Defense for 4.79 Billion ADA in Quest for Price Rebound

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As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve closely monitored Cardano’s (ADA) recent price action and its current position within the broader market context. Based on my analysis of available data, it appears that ADA is experiencing downward pressure along with other major cryptocurrencies.

The cryptocurrency market, including Cardano as the tenth largest, is experiencing a downturn.

As I pen this, Cardano’s ADA has dipped 4.42% within the previous 24 hours to reach $0.421. A significant recovery for Cardano hinges on a pivotal price zone where a substantial quantity of ADA is accumulated. This area signifies approximately 4.79 billion ADA in storage.

Based on IntoTheBlock’s data, approximately 4.79 billion ADA coins have been purchased by around 223,370 different wallets, with transactions taking place between the prices of $0.000041 and $0.000045, resulting in an average price point of $0.000045 for these purchases.

This key area remains crucial for bulls to defend to forestall price declines.

If bulls manage to hold this price level, it could lead to increased demand for buying, potentially causing the price to continue rising.

ADA price action

Over the last several days, Cardano has remained above its moving averages, implying a lack of clear direction from traders.

When the Relative Strength Index (RSI) is above the neutral level, it presents a favorable condition for buyers of ADA, potentially encouraging them to initiate a price rally.

In this situation, purchasers could aim to increase the cost up to ADA‘s resistance level of $0.51. However, if the price of ADA goes down and falls below its moving averages, it would signal that sellers are still active. This could potentially lead to a period of volatile pricing with the price bouncing between supports and resistances for some time.

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2024-07-19 19:00