Cardano faces downward pressure but aims to defend a crucial price range where 4.79 billion ADA are held, hoping to trigger a price rebound.
Points
- Cardano aims to defend a key price range where 4.79 billion ADA are held.
- ADA price down 4.42% to $0.421 amid market pressure.
- Positive RSI and moving averages suggest potential for price rebound.
Cardano, the 10th-largest cryptocurrency by market cap, is facing significant downward pressure along with the broader cryptocurrency market. At the time of writing, ADA is down 4.42% in the last 24 hours, trading at $0.421. The key to Cardano’s potential rebound lies in defending a crucial price range where 4.79 billion ADA are being held.
According to data from IntoTheBlock, 4.79 billion ADA were acquired by 223,370 addresses within the price range of $0.000041 to $0.000045. This area is vital for bulls to defend in order to prevent further price declines.
Cointelegraph
ADA has been trading above its moving averages for the past few days, indicating indecision among traders. The Relative Strength Index （RSI） remains in the positive zone, suggesting an advantage for the bulls. If buyers can push the price to the overhead resistance of $0.51, it could signal a price rebound.
However, if ADA breaks below its moving averages, it would indicate that bears have not given up, potentially resulting in range-bound action for a while longer. Key support levels to watch are at $0.5820 and $0.5850.
解説
- Defending Key Price Ranges: The large volume of ADA held within a specific price range creates a critical support level. Defending this range is essential for preventing significant price drops and instigating a potential rebound.
- Technical Indicators: The positive RSI and the fact that ADA is trading above its moving averages provide some optimism for a price rebound. Traders should monitor these indicators closely to anticipate potential price movements.
- Market Sentiment: The broader market conditions play a significant role in ADA’s price action. Positive developments in the crypto market could bolster ADA’s efforts to defend its key price range and trigger a rebound.