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Here's Where Cardano (ADA) Formed Crucial Support as Profitability Reaches 25%

Tue, 01/31/2023 - 10:08
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Arman Shirinyan
Ethereum's competitor is building solid foundation to avoid upcoming market-wide reversal
Here's Where Cardano (ADA) Formed Crucial Support as Profitability Reaches 25%
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Cardano has successfully formed a substantial support level below the current price level that the cryptocurrency has been steadily moving in since the beginning of the market-wide recovery. The on-chain data suggests that ADA has the solid ground to continue moving upward.

Despite the bearish outlook from an on-chain perspective, Cardano has been showing far more resilience from a technical standpoint on the market. The coin has been successfully moving in the uptrend despite the reversal of numerous assets on the market.

As the data suggests, more than 90,000 wallets grabbed 4 billion ADA in an area between $0.365 and $0.376, which might now act as a solid support level for the cryptocurrency.

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The rich support level, combined with the uptrend seen in Cardano's price, suggests that the cryptocurrency has the potential for a rally continuation. Investors and traders alike should take note of Cardano's strong performance and the existence of major support levels, as it may indicate that the cryptocurrency is poised for a momentum spike and prolongation of the rally.

However, as with any digital assets, it is important to keep in mind the volatility of the cryptocurrency market and the potential for risk. This solid support level and upward trend should be used as one of many factors in making investment decisions.

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In conclusion, Cardano's formation of a solid support level, combined with its steady upward movement and high resilience, may potentially make it an attractive investment opportunity for retail traders. Its resilience in the face of market reversals and bearish on-chain data further solidifies its potential for growth.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.