According to U.Today, Cardano (ADA) is currently at a critical point, with a significant barrier of 3.21 billion ADA potentially having a substantial impact on its price movement. This large quantity of coins represents a key threshold that needs to be surpassed for Cardano to witness a significant price shift. Data from IntoTheBlock reveals that 3.21 billion ADA were purchased by 202,040 addresses at an average price of $0.484, within the range of $0.469 to $0.50. The importance of this barrier is immense. The collective decisions of those holding these 3.21 billion ADA could determine whether the price initiates a new move or encounters resistance that hinders its rise.
Cardano's price activity has recently been under scrutiny as the market searches for potential breakout signals, following the stagnation of the ADA price below its moving averages. Over the past week, ADA has risen, reaching a peak of $0.51 on May 21 before meeting resistance. Subsequently, ADA traded within a narrow range and was up 1.73% in the last 24 hours to $0.466 at the time of writing. This barrier could be a test of confidence for Cardano bulls. If the investors holding the 3.21 billion ADA decide to sell, it could result in a price drop. On the other hand, if they retain or purchase more, it could indicate optimism, driving the price upwards.
The result of this standoff between selling pressure and buying interest is eagerly awaited. For Cardano, surpassing the 3.21 billion ADA barrier could set the stage for its next significant move, aiming for March's high of $0.80. However, the journey may not be smooth as ADA needs to overcome resistances at $0.537 and $0.683. At present, Cardano is at a decisive point given its current range trading, with 3.21 billion ADA being the key to its next major price shift. Whether this barrier will serve as a springboard or a ceiling is yet to be determined.