Can Cardano hit $0.457 after breakout?


As of now, Cardano (ADA) is priced at $0.3521, reflecting a 1.1% decline. However, traders should be prepared for potential price swings, with Cardano price predictions indicating movements of 20% and 18%.

Key Resistance and Support Levels


  • Upward Movement: If ADA experiences an upward trend, it could test resistance levels at $0.40 and $0.416, offering an opportunity for approximately 17% growth from current levels.

  • Downward Trend: Conversely, if a downtrend takes hold, ADA's price may decline to support levels around $0.328 or even $0.303. This scenario suggests a risk of further price depreciation if selling pressure increases.

Market Sentiment


According to Santiment data, the 30-day MVRV ratio has recently dropped below -5.72k. Typically, a negative MVRV suggests that most short-term traders are operating at a loss, which could prompt them to exit the market. This situation often attracts long-term buyers, historically leading to the formation of local market bottoms when the MVRV ratio dips below -5%.

Also Read: Stellar Price Prediction 2024 - 2030: Will The XLM Coin Reach $1?

Accumulation by Large Holders


Additionally, Cardano’s large holders, specifically those with wallets holding between 1 million to 10 million coins, have increased their accumulation from 5.57 billion to 5.77 billion ADA, marking a 3.59% growth. This rise in holdings indicates growing confidence among major investors, signaling potential bullish sentiment and belief in Cardano’s long-term value.

While Cardano's current price shows signs of volatility, various factors such as technological advancements, adoption rates, and market sentiment could shape its future trajectory. Investors should closely monitor resistance and support levels, as well as the behavior of large holders, to make informed decisions in the coming weeks.

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