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TheCryptoBasic

03/25/2024

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Cardano Faces Stiff Resistance on Path to Hitting $1

On-chain data indicates that Cardano faces significant resistance at various levels on its journey to reach the sought-after $1 milestone. Since hitting a yearly high near $0.8 in mid-March, Cardano’s price...

Cardano Faces Stiff Resistance on Path to Hitting $1

On-chain data indicates that Cardano faces significant resistance at various levels on its journey to reach the sought-after $1 milestone.

Since hitting a yearly high near $0.8 in mid-March, Cardano’s price has struggled, dropping as low as $0.58 a week later and settling for $0.647 at the time of writing. The decline is largely attributable to a broader market sell-off but has now handicapped ADA’s growth.

The price action pushed Cardano’s price below stiff resistance levels. Among these resistance levels is the range between $0.65 and $0.70.

According to data from IntoTheBlock, investors had purchased a combined 2.14 billion ADA ($1.36 billion) at the aforementioned price level.

These investors might provide strong selling pressure, especially if the group includes bearish buyers who are comfortable with exiting their position at a breakeven price, or with mild profits.

As a result, Cardano bulls must put up a good fight to overtake this price range and send Cardano’s price higher in 2024.

IntoTheBlock Cardano
Cardano Profitability | IntoTheBlock

Meanwhile, the next resistance levels exist in the ascendancy channel between $0.7 and $0.72. An estimated 108,000 addresses acquired 1.42 billion ADA ($908 million) at this level, which may provide selling pressure.

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Cardano Eyes 2022 Highs

Amid the stiff resistance levels ahead, a beacon of hope exists for Cardano investors. Crypto market sentiment remains largely bullish going into the historical Bitcoin halving and a potential continuation of the bull run.

If such a situation plays out, Cardano might be a big beneficiary, given its position in the top ten cryptocurrencies by market cap.

Many analysts predict that Cardano could go as high as $5 this cycle, beating its previous all-time high by a significant margin. Still, others aim for a $7.5 high, which represents a more than 1,000% increase from Cardano’s current price.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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ORIGINAL SOURCE

https://thecryptobasic.com/2024/03/25/ca...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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