Cardano (ADA) finds itself at a key technical phase, striving to determine its future market behavior.
Current Market Situation for Cardano
Currently, Cardano is valued at approximately $0.6811, showing an 11.03% decline over the past seven days despite a minor 0.44% gain in the last 24 hours. The market cap stands around $24.5 billion, with recent daily trading volume exceeding $620 million.
Resistance Level at $0.72
Cardano's price action over recent months indicates that the resistance level between $0.72 and $1.24 is a significant barrier for bulls. Analyst Dan Gambardello notes that ADA is at a critical technical juncture. Breaking through this level could open the path to growth potential of up to $1.24.
Selling Pressure and $0.60 Support
There is significant activity from large ADA holders who have sold approximately 200 million ADA, adding pressure on the price. The support level at $0.60 is considered crucial for maintaining positions.
The situation in the Cardano market remains tense, requiring close attention to key resistance and support levels. ADA's further price movement will depend significantly on overcoming resistance at $0.72.
