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Cardano, the 10th-largest cryptocurrency by market cap, is facing downward pressure along with the rest of the cryptocurrency market.
At the time of writing, ADA was down 4.42% in the last 24 hours to $0.421. Crucial to Cardano's rebound is a crucial price range where a substantial amount of ADA is being held. This range constitutes a region where 4.79 billion ADA are being held.
According to IntoTheBlock data, where Cardano currently trades, 4.79 billion ADA were bought by 223,370 addresses in the range between $0.000041 and $0.000045 at an average price of $0.000045.
This key area remains crucial for bulls to defend to forestall price declines.
Tomiwabold OlajideIf bulls succeed in defending this range, the price might gain buying pressure, thus resulting in further price gains.
ADA price action
Cardano has been sustaining above the moving averages for the past few days, suggesting indecision by traders.
The RSI being in the positive zone constitutes an advantage to the bulls, who might try to push for an ADA price rebound.
In this scenario, buyers might try to push the price to the overhead resistance of $0.51. On the other hand, if ADA's price heads south and breaks below moving averages, it would indicate that bears have not given up. This might result in range-bound action for a little while longer.
Arman Shirinyan
Alex Dovbnya