92K Addresses Add 4.4B ADA As Cardano Looks For Higher Highs - BitcoinEthereumNews.com

Analyst Forecasts Higher Highs for ADA Should This Support Hold.

The asset has found support from a demand wall between the $0.365 and $0.376 price ranges.

Cardano (ADA) could have a chance at rallying to higher highs if the demand wall established at the $0.365 to $0.376 price range holds, according to seasoned crypto analyst Ali. The asset failed to recapture its pre-FTX highs during the previous market-wide rally, but this might be its opportunity to have a go at the price territory.

ADA’s support level at the $0.365 to $0.376 range is a result of the cluster of demand observed at the price point, Ali noted in a recent tweet, citing data from IntoTheBlock, a crypto market analytics platform.

#Cardano has formed a crucial support area between $0.365 and $0.376, where nearly 92,000 addresses purchased around 4.40 billion $ADA.

As long as this demand wall holds, #ADA will have a good chance of reaching higher highs. pic.twitter.com/aYnvRot4PO

— Ali (@ali_charts) January 29, 2023

IntoTheBlock data reveals that about 91.94K addresses purchased 4.39B ADA within the $0.365 and $0.376 range, at an average price of $0.370. This cluster of demand formed a wall that is serving as crucial support for the asset. Should this wall hold, Ali believes the asset could surge to higher highs.

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In order to sustain the wall, investors in the territory need to hold onto their bags regardless of a price dip. However, a trend of distribution observed among ADA whales from January 21 might be a discouraging factor.

Ali further highlighted this growing trend since Cardano recaptured the $0.38 price point two weeks back. Citing data from Santiment, Ali pointed out that an estimated 31 addresses holding between 1 million and 100 million ADA have sold or redistributed their tokens.

*1,000,000 to 100,000,000

wen edit button? 😅

— Ali (@ali_charts) January 30, 2023

ADA Price Movement and DJED Update

Meanwhile, the battle to remain above the $0.38 price level has been fierce, with the bears persistently battering ADA below it since January 21. Notwithstanding, ADA has staged a comeback after each dip. The asset surged to a 2-month high of $0.3991 over the weekend before facing opposition. Notwithstanding the resistance ADA closed Sunday with a massive 4% gain.

Currently changing hands at $0.3894, ADA is looking to reclaim the $0.39 level which should provide enough support to the bulls to take the asset to higher highs. Reclaiming $0.39 would serve as ADA’s launchpad to the first crucial resistance at $0.406. An extended rally could take ADA to the pre-FTX high of $0.435.

Developments within the Cardano community could provide ample support for this rally. Last Friday, World Mobile announced a partnership with IOG that would see it integrate its blockchain as a Cardano sidechain. Updates on DJED are likely to provide further support. COTI revealed last Tuesday that it plans to launch DJED this week.

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