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Cardano’s coin price recovery has a local resistance level of $0.385 zone. If this resistance level is broken, it could fuel further buying pressure and boost the ongoing price rally. However, if the price is rejected at this level, sellers are still actively defending this barrier. As a result, traders may want to wait for a confirmed breakout before making any significant trades.
Cardano’s ADA Token Could Be Set for Bullish Decoupling from Wider Crypto Market
According to a recent tweet from top crypto analytics platform Santiment Feed, the native token of the Cardano network, ADA, may be poised for a bullish decoupling from the broader crypto market. As of now, ADA has surged by 11.89% over the past 24 hours. Santiment’s tweet highlighted that large ADA holders, owning over 10,000 ADA, have acquired an additional 1.03 billion ADA over the last 5 months leading up to this rally.
🐳📈 #Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03B (3.3% more coins) in the past 5 months. https://t.co/7p6fOuzvG5 pic.twitter.com/TJGVwYujJn
— Santiment (@santimentfeed) March 29, 2023
In the tweet, Santiment observed that Cardano had displayed some indications of mild decoupling this week. The asset, currently the seventh largest by market capitalization, recorded an 8.2% gain over the past 24 hours. Additionally, addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion ADA, representing a 3.3% increase in coins held over the past five months.
Cardano (ADA) Shows Impressive Market Performance with 6.68% Price Increase in Last 24 Hours
The market performance of Cardano (ADA) has been impressive over the last 24 hours, with its price increasing by 6.68% and a trading volume of $570,975,398. Over the past 7 days, ADA has experienced a 3.24% price increase. With a circulating supply of 35 billion ADA tokens, Cardano is valued at a market cap of $13,488,495,730 and holds the 7th position on CoinGecko’s rankings. At the time of this writing, the market price of ADA was trading at $0.386.
ADA price chart. Source: CoinGecko.com
The fully diluted valuation (FDV) of Cardano (ADA) is $17,320,072,679, assuming the maximum number of 45 billion ADA tokens in circulation, which may take several years to achieve based on the token emission schedule.
Although Cardano has outperformed similar Layer 1 (L1) cryptocurrencies that have only seen a 0.30% price increase, it has underperformed the global cryptocurrency market, which has grown by 3.40% over the last 7 days.
ADA Price Prediction: ADA/USD Daily Price Action Analysis
Despite the general uncertainty in the cryptocurrency market, the price of Cardano (ADA) has shown a gradual and consistent recovery in the daily time frame chart. After a bullish reversal from the psychological support level of $0.3, ADA’s price has increased by 28.4% over the past three weeks.
ADA/USD Daily chart Analysis. Source:Tradingview.com
The sustained buying pressure has led to the price challenging the resistance zone between $0.385 and $0.38, indicating that buyers are attempting to prolong the bullish rally. However, in the third week of March, the daily chart displayed three rejection candles at $0.385, suggesting that this level may be a high supply zone.
The price of ADA is trading at the $0.385 mark, reflecting an intraday gain of $4.54. However, traders interested in buying should wait for a clear breakout above the resistance level of $0.385 for a long-entry opportunity.
A successful breakout above this level would give buyers an extra push, prolonging the bullish rally and challenging the 2023 high of $0.42, a 9% increase from the current price. On the other hand, if the daily candle closes below $0.38, the sellers could prompt a temporary consolidation phase below the mentioned resistance level.
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