Cardano (ADA) has experienced a surge of 4.19% in the past 24 hours, reaching a trading price of $0.5021. As a result, more than 1.9 million ADA addresses are currently seeing profits on their holdings.
Following Bitcoin’s rally, Cardano joined other prominent cryptocurrencies in experiencing significant gains. As Bitcoin broke through the $71,000 resistance, ADA’s price spiked to a daily high of $0.5090 from $0.4646.
Although there has been a slight retracement, many Cardano addresses continue to hold ADA at a profit. Data from IntoTheBlock reveals that out of a total address count of 4.46 million, 1.94 million wallets are holding ADA in profit at the current price of $0.5021. These addresses collectively hold 19.63 billion ADA coins, which represent 55% of Cardano’s circulating supply. This suggests that these addresses may choose to sell and take profit, given that the price is currently above their entry point.
On the other hand, approximately 2.47 million Cardano addresses are holding ADA at a loss at the current price, with a cumulative amount of around 14.89 billion ADA.
Furthermore, there are only 46,090 addresses that are at break even, meaning they are neither profiting nor losing from their ADA holdings.
Looking ahead, Cardano investors remain optimistic about the potential surge in ADA’s price. Market watchers speculate that ADA could reach levels of $6.66, $7.5, $7.77, or even $27 during the peak of the bull run. It is important to note that these targets surpass Cardano’s previous all-time high of $3.10, which was achieved in September 2021. To reach these levels, ADA must overcome major resistances from its current price down to the previous all-time high.
The first resistance is currently in the range of $0.5029 to $0.5843, where 334,620 addresses bought 3.34 billion ADA. This is followed by the next resistance at the $0.5843 to $0.7183 price levels, where 402,150 addresses purchased 6.76 billion ADA coins, equivalent to $3.39 billion at the current price.
Please note that this article does not provide financial advice and is for informational purposes only. The views expressed in this article are the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
