CandleFocus Cardano (ADA) Investors Pinning Hopes on $1.87 Billion Profits May Be Expecting Too Much
2024-10-07
Author: Content Editor
Cardano's price has increased by 3.85% in the last 24 hours, giving hope to investors who bought the token at a higher price. However, technical and on-chain data suggest that achieving significant profit targets may be unrealistic. Data shows that many addresses that bought ADA between $0.36 and $0.39 are still holding at a loss. Additionally, the Bull Bear Power indicator suggests that sellers currently have more control than buyers. ADA is approaching two major supply zones at $0.42 and $0.50, but it may face resistance around $0.37. If the support at $0.34 is not defended, ADA's price could decline further to $0.31. However, if buyers strengthen, ADA's price could surpass $0.42 and reach $0.50.
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