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The cryptocurrency market is currently under selling pressure, and Cardano, the 10th-largest cryptocurrency, is no exception. At the time of writing, ADA was down 2.38% in the previous 24 hours to $0.411.
Recent on-chain data has pinpointed a critical support level for ADA, shedding light on a significant price range where a substantial volume of ADA was acquired.
According to on-chain analytics by IntoTheBlock, the next critical support level for Cardano is between $0.371 and $0.403. This range is particularly noteworthy because it marks a zone where 2.6 billion ADA were purchased by 251,280 addresses. The average buying price within this range is approximately $0.386.
Global In/Out of the Money, Courtesy: IntoTheBlock
The concentration of buying activity within this price range typically suggests that a significant number of investors are likely to defend this price zone, providing a robust support level for Cardano. The indicated support zone could potentially arrest the current downward trend and provide a basis for a price rebound. Notably, this support halted ADA’s price decline during the mid-April Washout.
ADA is presently trading just above this key support zone, with recent price action testing these levels.
That said, a sustained price above $0.386 could indicate that the market is respecting on-chain data signals, possibly leading to a consolidation, or upward movement. Conversely, a break below this range might lead to further declines.
As the market awaits ADA’s next price move, on-chain data has provided a clear indication of where the next support might be found. Whether this support zone will hold or give way under market pressure remains to be seen, but it undoubtedly represents a key area to watch in the days ahead.
