ADA Surges: $13B Market Cap, 166K Wallets, Caution at $0.37-$0.38

In a recent market analysis, cryptocurrency expert Ali has provided insights into Cardano’s (ADA) current standing, emphasizing a crucial demand zone that may shape the coin’s future trajectory. ADA is presently oscillating between $0.37 and $0.38, a pivotal range that has witnessed notable activity.

#Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA.

With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr

— Ali (@ali_charts) November 27, 2023

Ali highlights a noteworthy development, reporting that a staggering 166,470 wallets have recently acquired a cumulative total of 4.88 billion ADA within this vital demand zone. This surge in interest and investment reflects a strong belief in ADA’s potential for upward momentum. The data indicates growing confidence among investors, positioning Cardano for a potential ascent to new yearly highs.

Moreover, one key observation made by Ali is the lack of substantial resistance for Cardano in the immediate future, along with a robust support level below the $0.38 mark. The maintenance of ADA above this critical zone could pave the way for a bullish breakout. The absence of significant obstacles in the near term increases the credibility of ADA reaching new heights in the coming weeks.

However, investors are cautioned to exercise caution given the notorious volatility of the cryptocurrency market. A loss of support within the $0.37-$0.38 range could trigger a brief correction, potentially leading ADA to dip to $0.34. Traders are advised to closely monitor this level, as a breach could temporarily dampen the prevailing bullish sentiment surrounding Cardano.

Cardano Price Analysis

According to the latest data from CoinMarketCap, Cardano (ADA) is currently trading at $0.373643, experiencing a 3.92% surge in its 24-hour trading volume, reaching $256 million. Despite this recent uptick, the cryptocurrency has witnessed a 2.84% decline in the last 24 hours and a 2.39% drop in the weekly chart.

Securing the #8 spot on CoinMarketCap, Cardano boasts a market cap of $13 billion, backed by a circulating supply of 35,298,225,396 ADA coins and a maximum supply of 45,000,000,000 ADA coins.

Over the past 30 days, Cardano has displayed 18 green days out of 30, translating to a 60% positive trend. The cryptocurrency has also exhibited a 9.33% price volatility during this period.

However, technical indicators reveal a prevailing bearish sentiment in the market, with a Bearish score of 53%. Despite this, the Fear & Greed Index registers a score of 66, indicating a state of Greed among market participants.