- The price of Cardano (ADA) has finally reached the long-awaited level of $0.5.
- ADA attempted to break the resistance level of $0.6 thrice but failed.
- An ascending triangle has now formed on the 6-hour chart for ADA/USDT.
The price of Cardano (ADA) has finally reached the long-awaited level of $0.5. Analysts in the industry who have been tracking ADA for a while now kept warning the crypto community that $0.5 was the price that ADA would fall in. Now that the price of Cardano has reached this level, what will it do next?
Looking at the 6-hour chart for ADA/USDT, the price of ADA has consolidated at around the $0.5 level. Several upwards breakouts were attempted, as seen in the 6-hour chart. Three attempts were made, but all three were unsuccessful.
However, an ascending triangle has formed on the 6-hour chart. This is a bullish sign. Should the price of ADA break out of the resistance level set in the ascending triangle ($0.6), we could see the price rise to $0.8 in the short term.
Looking at all that is happening in the ADA ecosystem, it’s fair to say that ADA is very undervalued as the price of ADA is not a true reflection of the growth taking place in the ecosystem.
Data published by IntoTheBlock shows that on April 19, the network had a total of 3.268 million holders, while on May 19, the figure reached 3.33 million holders. The rapid rise in the number of wallets holding ADA came during a month in which retail interest in the cryptocurrency has been “rapidly rising.”
The data from IntoTheBlock also shows that, ahead of Terra’s collapse, retail wallets had increased their holdings in ADA by more than 186% to collectively hold over 36% of the cryptocurrency’s supply. This is very indicative of a bullish outlook on the cryptocurrency.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.