Cardano remains a focal point in the crypto market as traders focus on the $0.94 resistance level ahead of a potential breakout.
Testing $0.94 Resistance
Analyst Sssebi (@Av_Sebastian) noted that '$ADA is popping off', pointing to resistance in the $0.94 area, with $1 as the next target. This reflects broader sentiment as ADA sustains an upward move following weeks of constructive price action.
ADA depicts successive high lows and increasing volume on the 4-hour time scale. This affirms uniform purchasing force and reinforces the bullish formation. The immediate challenge lies at $0.94, where sellers may attempt to slow momentum before any breakout attempt.
Market Capitalization and Supply
Cardano's position in the market is reinforced by a $33.8 billion capitalization, alongside a fully diluted valuation of $41.6 billion. These figures keep ADA firmly placed among leading digital assets.
The token's supply dynamics also provide structural stability. Of the 45 billion maximum ADA tokens, around $36.5 billion are circulating, equating to nearly 81%. This level of circulation limits inflation risk and offers a clearer long-term outlook.
Technical Structure and Liquidity
Technically, ADA is trading significantly above the 50-period simple moving average, which is in the range of about $0.862 at the moment. The upward slope of this average indicates ongoing momentum while also suggesting possible support if a pullback occurs.
Liquidity further supports the trend. The 24-hour trading volume stands at $1.97 billion, nearly 5.8% of ADA's market cap, confirming active participation. Volume spikes during the climb from $0.90 to $0.93 reflect genuine buying pressure, not speculative movement.
Cardano continues to show strength in the market, with traders focusing on the $0.94 resistance level. Along with financial metrics and stable supply, ADA has the potential for further growth.
