Cardano, which is the 10th most significant cryptocurrency by market capitalization right now, is going down in value along with the rest of the cryptocurrency market. Based on the most recent trade, the price of ADA has dropped by 4.42% in the last 24 hours, to $0.421.
People who follow the market are paying close attention to a key price band where a lot of ADA is held. In the range of $0.000041 to $0.000045, 223,370 addresses bought 4.79 billion ADA, with $0.000045 being the average price. This information comes from IntoTheBlock. Bulls need to protect this area extensively to stop prices from going down even more.
Key Support and Resistance
If bulls are able to hold on to this level, it could lead to more buying pressure, which could push prices up. Cardano’s recent performance shows that traders aren’t sure what to do next. For several days, the cryptocurrency has been trading above its moving averages. The fact that the Relative Strength Index (RSI) is in the positive zone also helps the bulls, who may try to push the price of ADA toward the support level above it at $0.51.
On the other hand, if the price of ADA keeps going down and goes below the moving averages, it means that people are generally bearish. Range-bound buying could happen during this time, where prices stay within a set range until a clear trend appears.
Cardano will need to be extremely careful over the next few days as it moves through these key support levels. Whether ADA can recover or stay under pressure in the current market conditions will depend on how well bulls can protect the important price range.