Cardano (ADA) has an important position in the cryptocurrency market. However, ADA, currently valued at $0.5375, has lost more than 3% in the last 24 hours, affected by the downward trend in the overall market. This downward trend was due to fluctuations across cryptocurrencies and has investors worried.
Amidst these price movements, market analyst Ali Martinez analyze It attracted the attention of altcoin investors. Martinez made important predictions about Cardano’s behavior in the near future. According to him, ADA is currently facing intense resistance near $0.54 and $0.56. It is stated that these price levels are the points where many investors buy ADA. Additionally, it is known that approximately 50,000 addresses hold 2 billion ADA at these levels, which are between $0.54 and $0.56.
In this evaluation, the analyst used the In / Out of the Money Around Price (IOMAP) indicator developed by IntoTheBlock. Although the indicator itself cannot be used to determine exact resistance or support points, information about the concentration of funds around a particular price can give a clue about the potential of the asset’s movement rate.
According to this indicator, the average price at which cryptocurrencies are purchased, that is, the cost, is determined and compared with the current price. If the Current Price is greater than the average cost, this address is determined as “In”, that is, “in profit”. If the current price is less than the average cost, the address is defined as “Out”, that is, “at a loss”.
According to Martinez’s analysis, if these resistance levels are exceeded, there may be a significant increase in the altcoin price. However, in this case, many investors may want to take profits as the price moves towards this range. This profit-taking trend could hinder ADA’s potential growth in the long run.
According to Martinez’s predictions, if ADA breaks these resistance points, its price could rise to $0.68, which has not been seen in more than 14 months. However, current market dynamics and internal pressures appear to be hindering this exit of the asset. Therefore, certain hurdles may need to be overcome before ADA can reach higher price levels.
You can follow the current price movement here.
Source : the crypto basic