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Cardano: 3.21 Billion ADA Block Major Cardano Price Move

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Mon, 27/05/2024 - 15:22
Cardano: 3.21 Billion ADA Block Major Cardano Price Move
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As the cryptocurrency market watches with keen interest, Cardano (ADA) stands at a critical juncture. A formidable barrier of 3.21 billion ADA seems positioned in a way that could significantly influence Cardano's price move. This vast number of coins represents a crucial threshold that must be overcome for Cardano to experience a major price move. 

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According to IntoTheBlock data, 3.21 billion ADA were bought by 202,040 addresses in the range of $0.469 to $0.50 at an average price of $0.484.

The significance of this barrier cannot be overstated. The collective actions of those holding these 3.21 billion ADA might determine whether the price might kickstart a fresh move or face resistance that curtails its ascent.

IntoTheBlock
Global In/Out of the Money, Courtesy: IntoTheBlock

Cardano price action has recently been in the spotlight as the market looks for potential breakout indications, after the ADA price stagnated below its moving averages. ADA climbed in the past week, reaching a high of $0.51 on May 21 before encountering resistance. Following that, ADA fell to trade in a tight range. Cardano's ADA was up 1.73% in the previous 24 hours to $0.466 at the time of writing.

This aforementioned barrier might be a test of confidence for Cardano bulls. If investors holding the 3.21 billion ADA choose to sell, it could lead to a price dip. Conversely, if they hold or buy more, it could signal optimism, pushing the price upward. The outcome of this standoff between selling pressure and buying interest is eagerly anticipated.

For Cardano, overcoming the 3.21 billion ADA barrier could pave the way for its next major move, which targets March's high of $0.80. However, the pathway might not be smooth as ADA needs to clear resistances at $0.537 and $0.683. 

However, currently, Cardano remains at a decisive juncture given its present range trading, with 3.21 billion ADA holding the key to its next major price move. Whether this barrier will act as a launchpad or a ceiling remains yet to be seen.

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