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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Cardano

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On-chain data shows Cardano is currently retesting a major resistance wall, breaking through which might pave the way to higher price levels.

Cardano Is Facing On-Chain Resistance At Current Price Levels

According to data from the market intelligence platform IntoTheBlock, there appears to be key on-chain resistance around the $0.38 mark. In on-chain analysis, levels are judged to be “resistance” or “support” based on whether they host the cost basis of a significant number of investors or not.

The cost basis here naturally refers to the price at which a Cardano investor bought their tokens. This price is obviously an important level for any holder, as the asset’s spot value retesting this level could mean a potential swing in their profit-loss situation.

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Because of this reason, holders are particularly sensitive when such a retest happens and as such, they may be more likely to show some kind of move. What kind of move this would be, though, depends on the prior profit-loss situation of the investor.

Investor psychologically works so that if the trader had been holding a profit before this retest, they might want to take a further gamble at it, as they could believe this same price level would be profitable again in the future.

Similarly, the holder might lean towards selling instead if the retest is happening from below since they would fear a scenario where the price declines again and they dip back into losses.

Now, here is what the various Cardano price ranges are looking like right now in terms of the concentration of investors or addresses who acquired their coins at them:

Cardano Resistance

Looks like the current price range is offering a significant amount of impedance to the price | Source: IntoTheBlock on X

In the above graph, the size of the dot represents the amount of investors who bought inside the range. As mentioned before, investors are likely to show some reaction when the price retests their cost basis, so if a large number of them share their cost basis inside the same range, the effect that the market would feel from the retest would also be equally sizeable.

From the chart, it’s visible that the ADA price range between about $0.37 and $0.39 has a cost basis of over 319,000 addresses, which acquired a total of 7.19 billion ADA at these levels.

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This is the same range that Cardano has been retesting recently and has been struggling to break out of. It would appear that the reason behind this might be the resistance being offered by the sellers who are attempting to exit at their break-even prices.

Given the large scale of this resistance wall, it would be tough for the cryptocurrency to mow through it and gain some distance. If the asset can achieve this, though, then the zone might turn into support instead and provide some solid ground for a move towards higher levels.

ADA Price

Cardano is trading around the $0.38 level right now, which is right in the middle of the resistance wall.

Cardano Price Chart

The value of the asset appears to have been moving sideways in the last few days | Source: ADAUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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