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4.81 Billion Cardano (ADA) Sell Wall Sparks Fresh Concern

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Wed, 10/07/2024 - 15:50
4.81 Billion Cardano (ADA) Sell Wall Sparks Fresh Concern
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Cardano (ADA) is looking to step out of its long-term negative price trend; however, crucial resistance lies ahead. Based on price data at the moment, Cardano has jumped by more than 3% in 24 hours to $0.3837. Whether or not this rebound is sustainable remains to be seen; however, traders' focus is different.

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Strong Cardano resistance wall

According to data from IntoTheBlock, Cardano attained breakeven at an average price of $0.3722. After flipping this level that served as resistance over the past week, ADA is now eyeing the next level.

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Ideally, the price could jump to $0.4 if the mild positive sentiment is sustained. However, growing beyond this level is where the concern starts from. The IntoTheBlock data shows that as many as 4.81 billion ADA might trigger a massive resistance around the price range of $0.419795 to $0.479247.

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Cardano In/Out of The Money Chart Via IntoTheBlock

At this price level, more than 432,320 addresses might sell the coins, placing an intense strain on Cardano’s rally. In ADA’s push to regain its 52-week high, there are other resistance levels to watch; however, beating the nearest appears daunting because of broader market dynamics.

Cardano not slowing down

The price action of ADA might be less impressive for members of its community, but its efforts toward development tell a different story. Besides constantly ranking as a top protocol in developer activities, the team launches usable products for the community.

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As reported earlier by U.Today, Cardano recently introduced a new game that Charles Hoskinson considered a significant milestone for the ecosystem.

While pushing for recovery, whale activities on Cardano are also a major factor to watch. Recently, this metric skyrocketed by 1,218% to show more traders are betting on the coin. With all eyes on ADA, the general market trend is a key factor that might change the narrative.

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