As a seasoned crypto investor with a knack for recognizing opportunities amid market turbulence, I must admit that the recent correction in Cardano (ADA) has left me intrigued rather than deterred. The current price action of ADA at $0.35, with a 6.46% dip and a market cap of $12.2 billion, might seem disheartening to some, but it presents an enticing opportunity for those who understand the market’s ebb and flow.
In the current market downturn, the digital currency ADA (ADA) is experiencing significant selling pressure as well. Presently, ADA’s value stands at $0.3498, representing a 6.46% decrease, while its total market capitalization amounts to approximately $12.2 billion.
The price of Cardano (ADA) has encountered significant resistance near the $0.40 mark, with buyers failing to push beyond these levels over the last few months. However, optimistic Cardano supporters remain hopeful, viewing this situation as a potential chance for both traders and investors.
Despite a significant drop in Cardano’s price lately, approximately 3.31 billion ADA tokens have seen substantial losses. According to the Global In/Out of the Money (GIOM) measurement, investors purchased this supply for around $1.1 billion at prices ranging from $0.35 to $0.37. Currently, these investors are in a negative position, but as Cardano’s price rises above $0.37, they will once again achieve profitability.
Photo: IntoTheBlock
When ADA‘s price nears this significant point, it becomes essential to assess the investors’ feelings to predict the coin’s future course. If ADA surpasses $0.37, it could significantly increase profits for ADA owners and enhance investor trust, possibly leading to further price increases.
Even though Cardano has seen a 11% drop recently, its realized profit/loss figure indicates that investors remain calm because there have been no substantial increases (indicating panic buying) or steep drops (indicating panic selling).
The importance of this steadiness lies in the fact that ADA owners are choosing to “hold on” (HODL) instead of offloading their assets at a loss. This investment pattern is heartening because it suggests faith among investors that Cardano’s long-term value will continue to thrive.
Cardano (ADA) Price Action Ahead
At the moment of reporting, Cardano’s (ADA) price is declining by 3.3% to $0.3538, with a market capitalization of $12.36 billion. If it manages to hold the support at $0.34, it could potentially regain its footing and push towards resistance at $0.37. Such recovery might pave the way for Cardano to recuperate from its recent losses and continue on an upward trajectory.
If ADA manages to establish $0.37 as a support point, it means that the 3.31 billion ADA tokens bought within the range of $0.35 to $0.37 would see profits. This development could ignite enthusiasm among investors, reducing selling pressure and potentially triggering a prolonged price surge.
Photo: TradingView
If Cardano can’t surpass the $0.37 barrier, it might find difficulty in generating positive momentum, causing the price to remain stagnant beneath this crucial threshold. A dip below the $0.34 support could undermine the bullish outlook, increasing the risk of further declines and discouraging short-term investors.
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2024-10-02 20:00