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The world’s most popular crypto Cardano’s price trend had been under acute criticism for quite a long time. However, ADA prices surged at the beginning of 2023 and rose by nearly 65%. Therefore, it is believed that the token will rise above the odds by forming a crucial support area to start trading higher highs and lower lows within an ascending trend.
After reaching the first target at $0.385, the bearish action began to intensify, which created enough selling pressure on the asset. Moreover, the resistance collides with the crucial 200-day MA levels, which are restricting the bulls from surpassing these levels. However, the price continues to hover around these levels and attempts to breach these levels at constant intervals.
The current trading set-up indicates the possibility of experiencing a notable pullback that could hit some pivotal levels soon.
As mentioned in the above chart, a huge volume of ADA, nearly 4.37 billion, was bought by 73.14K addresses between the price range of $0.367 and $0.379. Therefore, it is quite evident that the asset has formed a crucial support zone within these ranges and if the trend breaks down these levels then the fear of huge liquidations may mount.
Also, the whales have been redistributing ADA ever since the price marked highs above $0.38. Nearly 31 addresses holding 100,000 to 1,000,000 have liquidated their holdings as per the data provided by Santiment. Therefore, the selling pressure may drag the price slightly lower, but if the bulls manage to hold within the above-mentioned levels, then a significant rebound may kick in.
Besides, the market sentiments are bullish, and the platform is about to launch the much-awaited stablecoin Djed in collaboration with Coti. This is believed to re-fill the bullish market sentiments that may help the ADA price rise beyond $0.4 in the coming days.