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ADA Price Finds Support as Bulls Take Edge in Cardano

Thu, 05/04/2023 - 11:00
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Gamza Khanzadaev
Bullish momentum revives ADA price as Cardano finds solid support
ADA Price Finds Support as Bulls Take Edge in Cardano
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According to a report from cryptocurrency intelligence portal IntoTheBlock, large buyers, also known as bulls, have been actively purchasing the Cardano token, ADA, over the past two days. The report reveals that more than 45.73 billion ADA have been purchased by these big buyers since Tuesday. This is 48.36 million more tokens than were sold by equally large sellers, also known as bears.

These numbers are reflected on the ADA price chart, which shows that the price has consolidated above $0.3816 per ADA after falling for the last 15 days and has not fallen below. Buying activity on Tuesday saw the price of the Cardano token rise by 2.6% at one point. This signals that the $0.3816 level has become an area of interest for buyers, where the bulls are willing to accept the risk and commit purchases.

ADA to USD by CoinMarketCap

However, the ratio of bulls to bears on Cardano remains equal, with 56 addresses on each side. It is important to note that IntoTheBlock only counts addresses that buy or sell at least 1% of a token's daily trading volume.

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On the one hand, the consolidation of the price above $0.3816 indicates a strong support level, which could provide a base for future price increases. On the other hand, the equal ratio of bulls to bears means that the future direction of ADA's price remains uncertain and will depend on market conditions and other factors.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.