Cardano (ADA) recently surpassed Toncoin (TON) and Shiba Inu (SHIB) in market value, returning to the top 10 cryptocurrencies. Despite this comeback, purchases at the 2.9 billion ADA level could influence its upward movement based on buyer actions.
Cardano (ADA) Current Status
According to data provided by IntoTheBlock on May 30, 206,040 addresses bought Cardano in the $0.466 to $0.499 range, marking the $0.481 price level. Currently, ADA is the eighth largest cryptocurrency by market value, positioning this as a significant resistance level.
Indeed, the barrier seen in the above chart can be considered a real test level for Cardano bulls. If investors holding 2.9 billion ADA choose to sell, it could trigger a significant price drop. However, if investors hold or buy more, it could fuel price optimism.
If this strong resistance on the Cardano side is overcome and turns into support, and subsequently the $0.535 and $0.626 levels are also surpassed, it could indicate reaching the $0.80 level nearly achieved in March this year.
Cardano Price Outlook
Meanwhile, Cardano is trading at $0.4511 at press time, reflecting a 0.35% drop in the last 24 hours. Despite a 5.45% drop over the past week, it shows a 4.44% gain on a monthly review.
From a technical analysis (TA) perspective, ADA is trading below its 50-day, 100-day, and 200-day moving averages (MA), which can be interpreted as a bearish sign. However, the 14-day relative strength index (RSI) remains neutral, indicating the possibility of movement in either direction.
CryptoBusy, one of the analysis platforms in the crypto market, recently stated that Cardano has “solid technical fundamentals.” However, in an X post shared on May 27, it was mentioned:
To increase awareness and adoption, it needs to improve its game with more effective marketing strategies like Solana’s (SOL).
