- ADA struggles with a 35% profitability rate.
- $0.38 resistance poses a formidable hurdle.
- Cardano’s journey crucial for investor sentiments.
In a surprising revelation, blockchain analytics firm IntotheBlock has uncovered a concerning trend within the Cardano (ADA) community, stating that a mere 35% of ADA holders are currently in profit. This statistic sharply contrasts with other prominent blockchain protocols, signaling potential hurdles for ADA investors despite the recent bullish market trends.
The on-chain data provided by IntotheBlock points to a significant resistance level at $0.38 for ADA. According to their analysis, a substantial 7.19 billion ADA tokens have been accumulated at this resistance point, creating a formidable barrier for any further upward movement. The breakthrough of this resistance level could prove to be a pivotal moment for ADA and its investor community.
The revelation about the limited profitability of ADA holders amidst recent market surges raises pertinent questions about the protocol’s ability to capitalize on favorable market conditions. While other leading protocols boast higher percentages of profitable holders, ADA investors seem to be grappling with unique challenges in realizing gains.
Cardano (ADA) Current Price Analysis
As per the latest data from CoinMarketCap, ADA is currently trading at $0.376136, with a 24-hour trading volume of $268 million, reflecting a 3.09% increase. However, the cryptocurrency has witnessed a 2.59% decline in price over the last 24 hours and a 1.95% decrease in the weekly chart.
ADA currently holds the #8 position in the CoinMarketCap ranking, boasting a market capitalization of $13 billion. The circulating supply of ADA coins is reported to be 35,303,656,335, with a maximum supply capped at 45,000,000,000 ADA coins.
Over the past 30 days, Cardano has experienced positive price movements on 18 out of 30 days (60%), showcasing a 9.33% price volatility during this period. Technical indicators suggest a prevailing bearish market sentiment, accounting for 53%, while the Fear & Greed Index assigns a score of 72, indicating a state of greed among market participants.
The $0.38 resistance level identified by IntotheBlock emerges as a focal point for ADA enthusiasts and investors. Clearing this hurdle not only opens the door for potential price appreciation but also holds the promise of boosting overall holder profits. Whether Cardano (ADA) manages to overcome this challenge will likely play a pivotal role in determining the profitability and sentiment of its investor base in the upcoming weeks, adding a layer of suspense to the cryptocurrency’s journey in the market.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.