Cardano’s (ADA) price has been showing signs of a slow recovery after facing a significant downturn. Despite the sluggish pace, investors are keeping a close watch on the altcoin’s movements as substantial gains are still on the horizon.
Cardano’s recent price action has left many holders frustrated, but a rally to the right level could unlock $1 billion in profits, bringing renewed hope to its supporters.
Cardano Investors Have Profits to Look Forward To
The In/Out of the Money Around Price (IOMAP) indicator reveals that approximately 3.6 billion ADA tokens, worth over $1.2 billion, were purchased between the current price and $0.37. This large volume of ADA means that breaching the $0.37 resistance could unlock significant gains for investors, making it crucial for future profits.
If Cardano successfully breaches the $0.37 mark, this supply will automatically enter profitability. As more holders move into the green, it could drive further buying pressure, potentially pushing ADA even higher. However, reaching this level remains a challenge as the market happens to be volatile right now.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
From a macro perspective, Cardano is still facing bearish pressure, as indicated by technical indicators such as the Moving Average Convergence Divergence (MACD). The MACD’s histogram is still showing red bars, suggesting that bearishness persists and a full recovery is not yet underway. For a successful turnaround in Cardano’s price, these red bars must flip to green, signaling that bullish momentum has returned to the market.
While the macro momentum remains cautious, it is not entirely bleak. If the market sentiment shifts and technical indicators begin to align, ADA could see a resurgence. Until then, Cardano’s price remains in a precarious position, and the market awaits the next major move that could either confirm or invalidate the current outlook.
ADA Price Prediction: Aiming High
Cardano is currently trading at $0.34, which coincides with a crucial support level. The altcoin is looking to bounce off this support and target the resistance level at $0.37. Given the importance of this level, a successful breach could result in a notable price increase.
With $0.37 just over 9% away from the current price, unlocking $1 billion in profits for ADA holders is within reach. If this resistance is broken, Cardano could climb further to $0.40, pushing more investors into profitability and solidifying a bullish trend.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
However, if Cardano loses support at $0.34, the price could fall toward $0.31. Such a decline would invalidate the bullish outlook, deny investors their potential profits, and extend current losses, leading to a more bearish scenario for ADA holders.
Disclaimer
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