Cardano (ADA) has huge prospects for growth but with major resistance preventing its current advancement to new heights such as the $0.68 level.
Cardano’s promises are reflected in its resilience over the past month. The coin is currently worth $0.5381, down by 3.51% in the past 24 hours on account of a general slip in the broader market. The market capitalization comes in at $19,070,882,775, while the trading volume is down 25% to $389,147,586.
Amid the current price condition, market analyst Ali Martinez recently highlighted important metrics regarding its movements. According to him, ADA is facing intense resistance around $0.54 and $0.56.
Unraveling the Cardano Resistance
Martinez noted that the $0.54 and $0.56 price zones mark the point where many investors have acquired the coin. Citing data from IntoTheBlock, he noted that this is the point where about 50,000 addresses currently hold as much as 2 billion ADA.
#Cardano faces a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately 2 billion $ADA. Overcoming this resistance could pave the way for a bullish move toward $0.68! pic.twitter.com/SZJuDe5UQg
— Ali (@ali_charts) February 11, 2024
Though the market is currently down, trading below the $0.54 price mark, ADA investors with stakes around this point might be looking to take profits off the coin if the price veers toward this range. This profit-taking can derail any potential growth attempts in the long term.
In Martinez’s projections, should ADA overcome this resistance point, the price can soar as high as $0.68, a level not seen in more than 14 months. Notably, current dynamics and internal suppression are preventing the asset’s ultimate breakout.
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Bullish ADA Predictions to Watch
Cardano is one of the tokens with the most bullish forecast in the market. One of these forecasts for ADA came from Cheeky Crypto, who noted the possibility of a 10,689% rally for the coin to $31.
While such growths are not alien in the crypto world, Cardano’s circulating supply, the resistance cited by Martinez, and other factors might make it harder to achieve.
Despite Cardano’s bullish predictions, there are critics who believe the coin may fall off the top 10 list in the near future, a notion that has gotten a sharp response from its founder, Charles Hoskinson.
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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