Cardano approaches $0.40: Can ADA rally past this level?
Cardano [ADA] is capturing the attention of investors, as both crowd and smart money sentiment reflect a strong bullish outlook. At press time, ADA was trading at $0.3564, up 0.94% over the past day.
With the $0.40 resistance looming, traders are eager to know whether Cardano has what it takes to break through this key level and start a potential bullish rally.
ADAâs technical analysis offers mixed signals. The RSI, at 45.84 at press time, showed that ADA was in a neutral zone, neither overbought nor oversold.
Therefore, there is room for upward movement if buying pressure intensifies.
Additionally, the MACD is nearing a zero-cross, indicating a possible shift in momentum.
However, this could also signal consolidation if buyers fail to step in, leaving ADA in a cautious state as it hovers below resistance
In terms of on-chain data, Cardano was showing modest but positive signals. Net network growth was up 0.09%, and 1.40% of ADA holders were in profit, as indicated by the âin the moneyâ metric.
Additionally, ADAâs concentration metric was steady, with no significant changes in large holder positions.
However, large transactions have decreased slightly by 0.41%, signaling that institutional investors were taking a cautious approach.
Consequently, while the fundamentals suggested strength, they are not pointing to a major rally yet.
Cardanoâs indicators show potential for a breakout, but the market is not there yet.
While the technical and on-chain data are pointing in the right direction, the cautious rise in Open Interest and low liquidation figures suggest that Cardano may need more bullish momentum to cross the $0.40 resistance.
