The post 4.3 Billion ADA Sell Wall on Cardano’s Path to $1: Details appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. According to on-chain data, Cardano (ADA) is facing a significant challenge on its path to reclaiming the $1 mark, with a sell wall in its path. This sell wall, representing a substantial cluster of 4.3 billion ADA, could act as a key barrier for the cryptocurrency’s price recovery past $1. According to IntoTheBlock’s Global In/Out of the Money indicator, 4.3 billion ADA in total volume were bought in the range between $0.947 and $1.09, at an average price of $1.03. Global In/Out of the Money, Courtesy: IntoTheBlock The large cluster of 309,450 addresses currently losing money in this range might act as resistance, given that it is a price range with a high concentration of sellers based on addresses’ positions on-chain. For Cardano, this means the path to and beyond $1 might not just be psychological but might also be heavily influenced by this hurdle. Related At writing time, Cardano (ADA) was trading down 1.50% in the last 24 hours to $0.89 amid the continuous selling on the crypto market. If it declines further, a large cluster in the money between $0.659 and $0.834 is where buying activity is expected to pick up, as the 238,860 addresses that had previously bought at this price range are likely to provide support. ADA price action ADA is currently trading…

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Filed under: News - @ December 23, 2024 7:15 pm