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Cardano to $1: Bulls Brace for Epic Takeover of 3.47 Billion ADA Barrier

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Sun, 24/03/2024 - 14:49
Cardano to $1: Bulls Brace for Epic Takeover of 3.47 Billion ADA Barrier
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Cardano (ADA), the ninth-largest cryptocurrency, slipped shortly after reaching highs of $0.81 on March 14. ADA subsequently made a sharp recovery from lows of $0.57 on March 20, but bulls could not advance the rally past the $0.648 level, with the ADA price resorting to range trading as a result.

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According to IntoTheBlock on-chain data, 6.26 billion ADA were bought by 202,520 addresses in the range of $0.599 and $0.65, where ADA currently trades at an average price of $0.621.

At the time of writing, ADA was up 1.04% in the last 24 hours to $0.637, having reached intraday highs of $0.64, a level where the price has met a setback in the last few days.

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With ADA's current price action, bulls are on the verge of a 3.47 billion ADA resistance to push ADA's price to the coveted $1 mark. This resistance represents a significant concentration of ADA holdings, which could either act as a barrier or a catapult for Cardano's value, depending on market dynamics and investor sentiment.

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Global In/Out of the Money, Courtesy: IntoTheBlock

According to IntoTheBlock data, next to where ADA currently trades is a significant hurdle in the form of formidable resistance at 3.47 billion ADA. This falls between the range of $0.65 and $0.74, where 3.47 billion ADA were bought by 185,980 addresses at an average price of $0.70.

This critical level has acted as a barrier to further price appreciation, thwarting previous attempts by the bulls to push ADA toward the $1 threshold. As the ADA bulls gear up for another attempt, all eyes are on whether they can muster enough strength to overcome this formidable resistance and propel Cardano to new heights.

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The outcome of this high-stakes battle will not only shape Cardano's short-term price trajectory but also have broader implications for its market dynamics.

The triumph of the above-mentioned key levels might lead to the takeover of the key range between $0.74 and $1.08, where 1.76 billion ADA were purchased by 444,540 addresses at an average price of $0.913.

As ADA approaches the next critical barrier in its journey toward $1, the market is watching with bated breath to see if the bulls have the strength to break through.

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