In the rapidly evolving cryptocurrency landscape, Cardano (ADA) has gained significant attention as its price has surged significantly. Over the last 30 days, ADA has seen a remarkable 30% increase, prompting both excitement and caution among investors.
4.88 billion ADA added at a crucial level
Recent data from IntoTheBlock, a leading on-chain analytics firm, highlights a critical support level for Cardano between $0.37 and $0.38. Impressively, 166,470 wallets have invested 4.88 billion ADA within this range. If ADA manages to stay above this crucial zone, analysts suggest the potential for new yearly highs due to limited resistance and robust support. However, a dip below this level could trigger a short-term correction to $0.34.
This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter).
An event occurred on November 13, 2023, at midnight when a sister company of Cardano introduced the Midnight Network, showcasing privacy-focused technology and its associated token, DUST. This unveiling triggered an 8% dip in ADA’s price, dropping from $0.38 to $0.35 the following day. Despite the temporary setback, analysts believe that the success of the Midnight Network could ultimately bolster Cardano’s value, making it an attractive consideration in the crypto market.
Reviewing ADA’s performance from October 1 to November 13, it is evident that the cryptocurrency followed an upward trajectory in sync with the broader crypto market, achieving a noteworthy 52% gain, rising from $0.25 to $0.38.
Also Read: Cardano whales accumulate 1.89 billion ADA after dumping in September
Cardano (ADA) technical analysis and resistance levels
Technical indicators point to a bearish signal for ADA. Strong resistance is observed at $0.40, coupled with resistance from the 200 EMA (Exponential Moving Average) on a weekly timeframe. Another significant zone lies between $0.40 and $0.45, and breaching this could trigger a strong bullish momentum.
Currently, ADA is trading near $0.38, exhibiting a 2.40% bearish momentum in the last 24 hours. Over the past 20 days, Cardano has been consolidating within a narrow range of $0.35 to $0.39. Despite this, analysts remain optimistic about Cardano’s potential, fueled by its growing popularity, ongoing development, and the possibility of reaching $0.45 in December.
