Cardano (ADA) price has been on a downtrend since September 2021, with no meaningful attempts to break higher. This persistent southbound move is acco
Charles Hoskinson says Cardano will beat competitors Bitcoin, Ethereum, become world’s largest cryptocurrencyWith the exception of transaction volume and development activity, other on-chain metrics show no signs of improvement, which only adds to ADA’s bearish outlook. The consistent uptrend of transaction volume seen over the last six months indicates massive on-chain activity. Currently, this metric stands at 1.72 billion ADA, denoting 129.
At these respective key hurdles, 4.40 billion, 5.52 billion and 8.82 billion ADAs purchased by 263,000, 482,000 and 481,000 addresses are being held at a loss relative to the current price of Cardano. So, any attempts to overcome the $0.2640, $0.3182 and $0.3942 resistances will likely be met with significant spikes in selling pressure from these investors trying to breakeven. Hence, investors opening long positions for ADA from the current level should consider these levels as key take-profit levels.Hence, the reason why ADA is not rallying higher is due to the sell-side pressure present in the ecosystem from underwater holders.
On the other hand, if Cardano price flips the aforementioned level into a resistance barrier on the three-day timeframe, it would create a lower low and invalidate the recovery rally thesis. In such a case, the GIOM shows the next key support is at $0.0995, where nearly 160,000 addresses purchased 1.55 billion ADA.
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