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With Cardano surging 4.19% over the past 24 hours to trade at $0.5021, over 1.9 million addresses are currently seeing profits on their $ADA holdings.
Cardano ($ADA) joined other prominent crypto assets in the latest rally led by Bitcoin (BTC). With Bitcoin breaching the $71,000 resistance yesterday, $ADA also witnessed massive gains, as its price spiked to a daily high of $0.5090 from $0.4646.
Like most crypto assets, $ADA saw a slight retracement as a unit of the coin was changing hands at $0.5021 in the hours leading up to press time.
Cardano Profitability
Nonetheless, despite this slight retracement, many Cardano addresses are still holding $ADA at a profit. Data from IntoTheBlock shows that Cardano has a total address count of 4,466,970 (4.46 million).
Of this figure, 1,943,290 (1.94 million) wallets are holding $ADA in profit at the current price of $0.5021. According to the data, these addresses hold a combined 19.63 billion $ADA coins, representing 55% of Cardano’s circulating supply. This suggests that these addresses could sell and take profit as the price is currently above their entry.
Conversely, about 2,477,590 (2.47 million) Cardano addresses are holding $ADA in losses at the current price. The cumulative amount of $ADA held by these addresses is around 14.89 billion.
Furthermore, only 46,090 addresses are at break even, which implies that they are neither holding $ADA in profit nor loss.
Major Resistance Ahead
In the wake of the recent market uptrend, Cardano investors have remained optimistic about $ADA’s potential surge to the levels projected by market watchers. These analysts speculate that $ADA could surge to $6.66, $7.5, $7.77, or $27 at the peak of the bull run.
It is noteworthy that the targets are above Cardano’s previous all-time high of $3.10, which it attained in September 2021. For $ADA to achieve this feat, the coin must breach major resistances from its current price down to the previous ATH.
The first resistance is currently around the range of $0.5029 – $0.5843, where 334,620 addresses bought 3.34 billion $ADA. Afterward, the next resistance is positioned in the $0.5843 – $0.7183 price levels, where 402,150 addresses purchased 6.76 billion $ADA coins, worth $3.39 billion at the current price.