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Summary

Cardano (ADA) has surged 4.19% in the past 24 hours, reaching $0.5021 amid a recent crypto market rally. Data shows that nearly 2 million Cardano addresses, holding 55% of the circulating supply, are currently in profit, despite facing resistances on its path to its previous all-time high.

Introduction

Cardano (ADA) has been part of the cryptocurrency market rally, buoyed by Bitcoin’s surge. As Bitcoin breached the $71,000 resistance level, ADA also experienced significant gains, reaching a daily high of $0.5090 before a slight retracement to $0.5021.

Main Points

Despite the retracement, nearly 2 million Cardano addresses are holding ADA in profit, while approximately 2.47 million addresses are at a loss. Only a small number of addresses are at break-even, indicating potential profit-taking or selling pressure. The current price presents major resistances for ADA to surpass its previous all-time high of $3.10.

Conclusion

Cardano investors remain optimistic about ADA’s potential, with targets projected by market analysts ranging from $6.66 to $27. The first resistance level for ADA is around $0.5029 – $0.5843, followed by $0.5843 – $0.7183. Overcoming these resistances will be key for Cardano’s further price appreciation in the current market conditions.

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