The post Cardano (ADA) Faces Critical Support Level Amid Market Selloff: Key Price Zone to Watch appeared on BitcoinEthereumNews.com.

The cryptocurrency market is experiencing significant selling pressure, which hasn’t spared Cardano, the 10th-largest cryptocurrency by market capitalization. Recent data highlights a critical support level for ADA that could influence its price direction. On-chain analytics show that a significant volume of ADA transactions occurred within a specific price range, suggesting a potential area of support. Discover the crucial support zone for Cardano and how it might influence ADA’s price dynamics in the volatile crypto market. Cardano Faces Selling Pressure Amid Broader Market Decline Currently, the cryptocurrency market is undergoing a downturn, and Cardano (ADA) has not been immune. The latest market data indicates a 2.38% drop in ADA’s value over the past 24 hours, positioning its price at $0.411. This decline comes amid a broader market downturn, but insights from on-chain analytics provide a clearer picture of why this might be a turning point for ADA. Significant Support Zone Identified for ADA On-chain data from IntoTheBlock has pinpointed a critical support range for Cardano between $0.371 and $0.403. Within this price range, a substantial volume of ADA—approximately 2.6 billion tokens—was purchased by around 251,280 addresses. The average acquisition price in this range is $0.386. This concentration of buying activity suggests a robust support level that many investors are likely to defend, potentially arresting ADA’s current price decline. Impact of the Support Level on Future Price Movement The concentration of buy orders within the $0.371 to $0.403 range is noteworthy because it indicates investor confidence at these price levels. Historically, such clusters of activity can arrest downward momentum and serve as a foundation for price rebounds. In mid-April, a similar support level effectively halted a previous decline in ADA prices, highlighting the strategic importance of this zone. Current Price Action and Market Sentiment As of the latest trading sessions, Cardano is…

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Filed under: News - @ June 16, 2024 4:10 pm