Cryptocurrency investors have their eyes on Cardano (ADA), wondering if the bulls will continue their current winning streak and push the price further above the $0.40 resistance level. The recent launch of the native DJED stablecoin appears to have attracted the attention of savvy price whales and increased demand, evidenced by the 14% gain seen in the last two weeks. On-chain data, such as whale accumulation and the Network Value to Transaction Volume (NVT) ratio, suggests that the ongoing bullish sentiment is driven by institutional investors and could last longer, as ADA is currently undervalued. A breakout, however, will depend on the ADA holders' behavior, as their buy and hold positions form significant resistance and support levels throughout the trading range. If successful, ADA has the potential to reach $0.45 and, at least, the short-term trend is likely to remain bullish.



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