Cardano (ADA) Price Rebounds After Finding Support at $0.38 Level
- At the time of writing, ADA is trading at $0.4178, up 1.29% in the last 24 hours.
- Earlier, the price failed to clear above the $0.45 level, after a prolonged bullish momentum.
Since the beginning of the week, Bitcoin’s (BTC) momentum over $65K has been consistent. The asset’s value has increased to $68K due to the market’s greedy sentiment. Prominent Bitcoin advocates and institutional investors are fueling this increase.
Charles Hoskinson, the founder of Cardano, has openly questioned Peter Schiff’s comprehension of Bitcoin. Peter Schiff has often expressed his doubts about Bitcoin, earning him a reputation as an anti-Bitcoin activist. Schiff has referred to Bitcoin as a “pyramid scheme” fraud in a string of recent X postings.
Bulls Getting Back Control
There has been a meteoric rise in the volume of big transactions on the Cardano (ADA) network. In particular, the volume from big ADA holders reached a new record high of around 17 billion units in only one day, the highest volume observed so far this week.
Any transaction with a value of more than $100,000 is considered a significant transaction according to IntoTheBlock, an on-chain analytics platform. This indicates that the number of transactions over $100,000 surged to 17.78 billion in only one day.
At the time of writing, ADA is trading at $0.4178, up 1.29% in the last 24 hours as per data from CMC (NS: CMC). Moreover, the trading volume is down 34.78%. Earlier, the price failed to clear above the $0.45 level, after a prolonged bullish momentum. The price faced a brief correction from this level and found support at the $0.38 level and has recently rebounded.
If the price manages to break above the $0.42 level, then it will likely climb further to test the $0.45 resistance level. However, if the price manages to fall below the $0.41 level, then it will likely test the $0.38 support level. The further decline will likely see the price testing the $0.34 mark.
This content was originally published on The News Crypto
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