CandleFocus Over 160,000 Cardano Addresses Prepare to Halt ADA Price Increase at $0.39
2024-10-15
Author: Content Editor
Cardano (ADA) is approaching a critical resistance level of $0.39, with a large number of addresses holding ADA at unrealized losses potentially ready to sell. This could lead to a correction or consolidation for ADA unless there is strong buying pressure to overcome this selling pressure. Profits are also being taken by ADA holders, which could further weigh down the price. The formation of a head and shoulders pattern on the daily chart suggests a potential end to the current uptrend, with a possible price collapse to $0.31. However, if there is a significant surge in buying pressure and trading volume at the resistance level, ADA could rally towards $0.45 and continue its upward movement.
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