The price of the Cardano token, ADA, has grown by more than 20% in the last four weeks, reaching the $0.4 mark. However, a strategic resistance level of $0.4 is a hard nut to crack, and the ADA price is kept within this price range by sellers. Data from IntoTheBlock shows that the largest sell zone, with more than 1 billion ADA left to be sold, stretches from $0.397 to $0.413 without any interruption. Further up between $0.43 and $0.51, the density of sell orders only rises. To break out of the mid-$0.4s, the Cardano token needs to absorb a total of almost 4 billion ADA. Although this figure is rather intimidating, it does appear that the selling pressure in ADA is decreasing, as evidenced by the 3.85 billion ADA that were previously concentrated here. Moreover, it should be noted that if ADA will rally to the $0.5 level, the reward possibilities can be immense, and this could be difficult to ignore for investors. Finally, the ADA price has already tested its bottom for the year of 2023 and can now look for stronger momentum to the upside.
Leo Price
- 2023-04-04
Will Cardano ADA Price Break Out of $0.4 Resistance?
The Cardano token, ADA, is currently stuck at the strategic resistance level of $0.4, but data shows that the selling pressure is decreasing and the reward possibilities remain if the price rallies to the $0.5 level.
