- A 34.48% increase in ADA’s price set the stage for a test of the $0.4671 resistance.
- The numbers showed mixed signals, with large trades indicating bullish momentum.
Cardanos [ADA] Recent price action has taken the crypto market by storm. The asset has shown significant bullish momentum in recent days.
Cardano is up around 34.48% since July 6, successfully breaking the $0.4260 resistance level. This breakout has set the stage for a potential push towards the next key resistance at $0.4671.
However, a 4.5% pullback saw ADA retest $0.4260 on July 14, which can now serve as a support level.
Source: TradingView
Cardano paints a mixed picture
AMBCrypto’s look at IntoTheBlock’s data indicated that 34% of addresses were making a profit at the time of writing, while a significant 61% were out of money.
This imbalance could lead to selling pressure as holders try to minimize their losses. However, it also presented a potential buying opportunity for those anticipating a continued uptrend.
According to the data, the concentration of ADA among large holders was 28%, indicating that whale behavior could significantly influence price movements.
To add to the above, the large number of large transactions, totaling $28.19 billion in the past week, indicated strong institutional interest in Cardano.
Source: IntoTheBlock
Also, Cardano’s net network growth remained steady at 0.13%, while the number of HODLers in the money stood at a bullish 10.94% at the time of writing.
Large trades were also bullish at 0.61%, indicating potential upward pressure on ADA’s price.
Battle between bulls and bears
AMBCrypto further analyzed Coinglass’s data, which showed significant fluctuations over the past 24 hours. The data indicated several periods of strong bullish dominance, followed by bearish reversals.
At the time of writing, data indicated a spike in long positions. This indicated stable build-up momentum as the market waited for further direction.
Source: Coinglass
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With Cardano approaching the $0.4671 resistance level, investors should look for continued momentum or signs of exhaustion.
The recent pullback to $0.4260 could either serve as a stage for further gains or signal the start of a more significant return to the support levels below.
