According to U.Today, Cardano, the 10th-largest cryptocurrency by market capitalization, is experiencing downward pressure in line with the broader cryptocurrency market. At the time of writing, ADA has decreased by 4.42% over the past 24 hours, trading at $0.421. A critical price range is essential for Cardano's potential rebound, where a significant amount of ADA is held. This range includes 4.79 billion ADA, purchased by 223,370 addresses at an average price between $0.000041 and $0.000045, as per data from IntoTheBlock.
This key area is vital for bulls to defend to prevent further price declines. If bulls manage to hold this range, it could lead to increased buying pressure and potential price gains. Cardano's price action has been above the moving averages in recent days, indicating trader indecision. The Relative Strength Index (RSI) being in the positive zone is advantageous for bulls, who may attempt to push for a price rebound.
In this scenario, buyers might aim to drive the price towards the overhead resistance of $0.51. Conversely, if ADA's price declines and falls below the moving averages, it would suggest that bears remain active, potentially resulting in a period of range-bound trading.
