CandleFocus Over 1 Million Cardano Addresses May Hinder ADA’s Bid to Break $1
2024-10-22
Author: Content Editor
Cardano's (ADA) price surged in Q1 2024 but has since been in a decline, struggling to reach the $1 mark. One reason for this is a significant supply wall at $1.04, with over 1 million addresses holding more than 2 billion ADA at this level. The Mean Dollar Invested Age (MDIA) for ADA has been rising, suggesting that long-term holders are not moving their assets. The current daily chart shows a head-and-shoulders pattern, indicating a potential downtrend. ADA is also facing resistance at its current level, which could push its price lower in the short term. However, if market conditions improve and Bitcoin climbs above $70,000, ADA's price could potentially rise towards $1.
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