-AD-
-AD-
HomeNewsCardano's ADA: Long-Term Holders Drive Accumulation Amidst Market Volatility

Cardano’s ADA: Long-Term Holders Drive Accumulation Amidst Market Volatility

- Advertisement -
  • 23% of Cardano investors have held their ADAs for more than five years, reflecting their confidence in the project.
  • Overcoming resistance between $0.54 and $0.56 could propel ADA’s price toward an upside target of $0.68.

In recent days, Cardano (ADA) has captured the attention of the crypto sector, reaching a recent peak that piques the interest of both investors and market watchers.

Prolonged ADA holding reduces supply, boosting prices

Despite a slight drop in its price, the outlook for ADA shows signs of cautious optimism among its investor community, especially those who have demonstrated their long-term commitment to the cryptocurrency.

Beyond the daily fluctuations, there are signs of confidence and stability provided by Cardano’s long-term holders. IntoTheBlock data highlights that a considerable percentage of ADA holders have maintained their investment over extended periods, reflecting a confidence in the Cardano project and its long-term goals.

adress-cardano-hold
Active Addresses by Profitability via → intoTheBlock

Specifically, 23% of Cardano investors have held their coins for more than five years, controlling a substantial volume of ADA supply. This group has not only maintained their investments through various market cycles but has also increased their holdings since the inception of 2024.

Historical Active Addresses by Profitability
Historical Active Addresses by Profitability via intoTheBlock

Another segment of the Cardano community has not sold their purchased ADAs in the last six to twelve months, and a third group holds their coins purchased in the last 18 to 24 months. These data reflect a dedicated investor base that is optimistic about Cardano’s future.

The outlook for the ADA price

Cardano at the moment is at a key resistance zone between $0.54 and $0.56, where a concentration of management holds about two billion ADA.

ADAUSDT_2024-02-13_10-21-09
ADAUSDT – Key resistance zone between $0.54 and $0.56 via Tradingview

Overcoming this level, could be the catalyst for a breakout to higher prices, potentially reaching $0.68.

Long-term investor commitment to Cardano not only provides a solid support base for the cryptocurrency but also reflects a shared belief in the vision and growth potential of the project.

As the Cardano community looks to the future, the combination of a loyal investor base and overcoming key resistance in the price of ADA could usher in a new phase of appreciation for the cryptocurrency.

At the time of writing, ADA is trading at $0.54.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES