Cardano (ADA) has been one of the top-performing crypto assets in the market and has notched over 25% in monthly gains. The bullish momentum has, so far, failed to retain ground as more than half of all ADA holders are still reeling under unrealized losses as the eighth-largest crypto by market cap struggles near $0.38.
According to IntoTheBlock’s latest data, only 35.71% of ADA holders are in profit, a figure notably lower than other leading protocols.
- The blockchain intelligence platform’s insights highlighted a critical resistance point at $0.38, where 7.19 billion ADA has been accumulated.
- Clearing this level could alleviate resistance for the crypto asset, paving the way for increased holder profits.
Despite recent market surges, Only 35% of $ADA holders are in profit, significantly lower than other top protocols. On-chain data reveals a key resistance at $0.38, with 7.19B $ADA acquired here. Clearing this level may reduce resistance, potentially boosting holder profits. pic.twitter.com/I2IPBltUN6
— IntoTheBlock (@intotheblock) November 30, 2023
- This development coincides with a shift in Cardano’s momentum to bearish, coupled with low trading volumes.
- While total addresses with ADA have surged consistently to 4.4 million, the same cannot be said for active addresses, which have stayed below $50k despite a minor spike.
- But experts suggest a minimal resistance ahead for Cardano. Popular crypto analyst Ali Martinez had previously said that ADA is currently situated within a vital demand range, spanning from $0.37 to $0.38.
- This critical zone, supported by data revealing 166,470 wallets accumulating a significant 4.88 billion ADA, has instilled confidence among traders.
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