According to U.Today, Cardano (ADA) is attempting to break free from its long-standing negative price trend, but significant resistance lies ahead. Current price data shows that Cardano has seen a more than 3% increase in 24 hours, reaching $0.3837. The sustainability of this rebound is yet to be determined, but traders are focusing on other aspects.
Data from IntoTheBlock indicates that Cardano reached breakeven at an average price of $0.3722. After surpassing this level, which served as resistance over the past week, ADA is now targeting the next level. If the mild positive sentiment continues, the price could potentially rise to $0.4. However, the challenge begins when trying to exceed this level. IntoTheBlock data suggests that approximately 4.81 billion ADA could trigger substantial resistance around the price range of $0.419795 to $0.479247.
At this price level, over 432,320 addresses might sell their coins, putting significant pressure on Cardano’s rally. As ADA strives to regain its 52-week high, there are other resistance levels to consider. However, overcoming the closest one seems challenging due to broader market dynamics.
Despite the less than impressive price action of ADA for its community members, the coin's development efforts tell a different story. The team consistently ranks as a top protocol in developer activities and launches usable products for the community. Cardano recently introduced a new game, which Charles Hoskinson, the founder, considers a significant milestone for the ecosystem.
Whale activities on Cardano are also a crucial factor to monitor. Recently, this metric surged by 1,218%, indicating that more traders are betting on the coin. However, the general market trend is a key factor that could alter the current narrative.
