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.
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.
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.
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.
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.