Cardano (ADA) is currently trading at $0.33, a price point that is considered a critical turning point for the crypto asset. Currently, most Cardano holders are losing money; only 16% are in profit. Although the market is showing signs of recovery, Cardano’s price action remains stagnant and is unable to break out of the current trading range.
Cardano’s performance at $0.33 is causing most traders to lose money. However, there is a huge upside potential if this critical level is breached. Cardano’s price is showing resistance at this level and it is having a hard time gaining upward momentum.
Financial metrics further clarify Cardano’s current situation. According to IntoTheBlock data, only 15.85% of Cardano addresses are in profit, and this low profitability rate indicates weak buying pressure. Approximately 79.88% of ADA addresses bought at higher prices and are currently in losses. This high percentage of losing positions carries the risk that these investors will liquidate their assets and recoup their losses if prices rise, which could put additional pressure on the price.
Cardano’s liquidation levels are concentrated around $0.35. If the altcoin can break this threshold, it could trigger a liquidation wave and push prices higher. However, given the high percentage of losing addresses, breaking through this level could be fraught with difficulties as sellers will attempt to recover their investments.
A key question is: can the 16% that are in the money initiate a meaningful rally? This minority may have the capital and confidence to start an upward trend. Cardano effectively breaking through the $0.35 resistance would not only trigger further liquidation, but could also reduce selling pressure by allowing more addresses to be in the money.
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