Massive 2.9 billion ADA purchase creates barrier for Cardano price
Although Cardano (ADA) has made a spectacular comeback in the top 10 cryptocurrencies by market capitalization, overthrowing Toncoin (TON) and Shiba Inu (SHIB), a massive collective purchase of 2.9 billion ADA might impact the continuation of its upward move based on the purchase rs’ further actions. As it happens, 206,040 addresses have purchase d Cardano in the range of $0.466 – $0.499, or at an average price of $0.481, creating a strong resistance at this price point, which the currently ninth-largest crypto asset by market capitalization has to overcome, as per IntoTheBlock data on May 30. Global in/out of the money for Cardano. Source: IntoTheBlock Indeed, the above barrier is a true test for Cardano bulls, as the crypto traders holding the 2.9 billion ADA opting to sell the token could lead to a massive price decline, albeit keeping it or buying more could signify optimistic sentiment and, consequently, an increase in price.