Cardano’s price recently broke out of a bullish symmetrical triangle pattern and is now trying to regain $0.40 as a support level. The consistent increase in the Mean Coin Age indicates growing confidence among ADA holders.
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If Cardano can push through the $0.42 mark, it could potentially make around 1.71 billion ADA profitable, signaling a positive turn for the altcoin.
Cardano (ADA) Recovery Depends on Investor Confidence
Cardano’s (ADA) price appears to be on the path to recovery, but it will need substantial support from both the market and investors. Fortunately for ADA, holders are showing signs of renewed interest, which could play a crucial role in its comeback.
Despite experiencing lower lows throughout June, investors have continued to hold onto their ADA tokens. The Mean Coin Age, which tracks the average age of held coins, has been steadily increasing. This suggests that investors are keeping their ADA for longer periods, reflecting a strong belief in the asset’s future performance.
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This growing Mean Coin Age indicates robust confidence among ADA holders, even as the price tries to reclaim key support levels. A successful increase in price could convert a significant portion of the currently unprofitable ADA holdings into profitable ones.
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Cardano GIOM. Source: IntoTheBlock
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According to the Global In/Out of the Money (GIOM) metric, ADA is currently facing losses of about 1.7 billion ADA, with a market impact of approximately $683 million. These coins were bought between $0.39 and $0.42. If Cardano’s price rises and breaks through these levels, it could turn this supply profitable, attracting more investors and bolstering ADA’s resilience in a bearish market.
Cardano (ADA) Price: Key Levels and Recovery Potential
Cardano’s price dropped out of a bullish symmetrical triangle at the beginning of June, leading to its current trading level below $0.40. Despite this downturn, there is potential for a price recovery supported by positive market cues and investor confidence.
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To initiate a rebound, Cardano needs to establish $0.40 as a support level. If this key level is successfully reclaimed, ADA could target $0.42 in the short term and potentially reach $0.46 in the longer term.
Cardano Price Analysis. Source: TradingView
However, if investors decide to sell off their holdings before these targets are met, it could derail the bullish outlook. This would prevent ADA from breaching the $0.42 level, potentially stalling or reversing any recovery momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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