Addresses Reaching $2.7 Billion ADA Broken as ADA/BTC Hit Bottom
Cardano (ADA), a well-known cryptocurrency, recorded an extraordinary rally today. The recent surge pushed the ADA price above $0.48. Therefore, cardano addresses, which hold a total of $2.71 billion in tokens, have now reached the breaking point, despite previous losses due to ongoing declines.
Cardano Targets Hit Break Even
According to Into The Block’s on-chain analytics, Cardano addresses purchasing ADA at an average price of $0.47 have finally reached breakeven. Therefore, further rise will make these investments profitable. Additionally, analysts suggest that Cardano is poised for a rally as ADA/BTC has bottomed recently.
In a recent market analysis on X, renowned crypto analyst Sebastian noted promising signs of Cardano versus Bitcoin (BTC). According to Sebastian, the ADA/BTC chart appears to have bottomed out, signaling a potential uptrend. The pair bottomed at 0.00000680 on Thursday, May 16, according to Trading View. Then the ADA/BTC pair rose again.
Source: CoinMarketCap
It also increased by 0.28% to 0.00000723 in the 24-hour period. Additionally, the analyst noted the existence of an upward trend. This technical indicator shows that the downtrend may be weakening and a rise in Cardano price may be imminent.
The analyst highlights a critical resistance level set above 0.0000079. If ADA can break this resistance, Sebastian believes it could trigger an extended uptrend, making it a prime candidate for investors looking to maximize returns. “This is the perfect moment to trade BTC for ADA and ride the next wave,” he advised. This suggests that Cardano could outperform Bitcoin in the near future.
Also Read: Cardano price prediction: Is ADA Ready to Test the Critical $1 Resistance Level Soon?
ADA Price Increases
Cardano price approached $0.49 today and rose to $0.4899. As of the time of writing, the ADA price increased by 1.21% to $0.4862 on Saturday, May 18. In contrast, ADA’s 24-hour trading volume decreased by 24.31% to $327.18 million. The market value of the cryptocurrency was 17.31 billion dollars.
According to Coinglass data, the open position of Cardano futures remained stable at $289.77 million. Meanwhile, short sellers dominated liquidations as the ADA price rebounded. Thus, in the last 24 hours, ADA’s open liquidations reached $282.66; This was more than three times the number of long liquidations.
These short liquidations could push the Cardano price higher before a decline occurs. Currently, the ADA value is well above the 10-day EMA of 0.46, indicating a short-term bullish trend. However, the long-term trend is bearish as the coin is trading below the 100-day and 200-day EMAs of 0.525 and 0.507, respectively.
Also Read: solana Price Rises as Experts Point to $200 as the Next Target for SOL
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