u.today
Cardano ($ADA) is looking to step out of its long-term negative price trend; however, crucial resistance lies ahead. Based on price data at the moment, Cardano has jumped by more than 3% in 24 hours to $0.3837. Whether or not this rebound is sustainable remains to be seen; however, traders' focus is different.
Strong Cardano resistance wall
According to data from IntoTheBlock, Cardano attained breakeven at an average price of $0.3722. After flipping this level that served as resistance over the past week, $ADA is now eyeing the next level.
Ideally, the price could jump to $0.4 if the mild positive sentiment is sustained. However, growing beyond this level is where the concern starts from. The IntoTheBlock data shows that as many as 4.81 billion $ADA might trigger a massive resistance around the price range of $0.419795 to $0.479247.
At this price level, more than 432,320 addresses might sell the coins, placing an intense strain on Cardano’s rally. In $ADA’s push to regain its 52-week high, there are other resistance levels to watch; however, beating the nearest appears daunting because of broader market dynamics.
Cardano not slowing down
The price action of $ADA might be less impressive for members of its community, but its efforts toward development tell a different story. Besides constantly ranking as a top protocol in developer activities, the team launches usable products for the community.
As reported earlier by U.Today, Cardano recently introduced a new game that Charles Hoskinson considered a significant milestone for the ecosystem.
While pushing for recovery, whale activities on Cardano are also a major factor to watch. Recently, this metric skyrocketed by 1,218% to show more traders are betting on the coin. With all eyes on $ADA, the general market trend is a key factor that might change the narrative.