ADA Needs to Break Current Supply Wall Before Its Price Can Spike

The crypto analyst, Ali (@ali_charts), tweeted this morning that approximately 83,000 addresses have bought 3.85 billion Cardano (ADA) within the price range of $0.37 and $0.38. According to the tweet, this is one of the biggest resistance barriers ahead of ADA.

The analyst added that traders and investors should expect “fireworks” if ADA is able to overcome the current supply wall.

ADA money flow around price ranges (Source: Twitter)

At press time, the price of ADA is up 6.77% over the last 24 hours according to CoinMarketCap. This 24-hour gain has added to the altcoin’s already-positive weekly gain – taking ADA’s total price increase over the last 7 days to around 11.13%. As a result, ADA is currently changing hands at $0.3535.

ADA’s trading volume has spiked 32.60% over the last 24 hours. This has taken its total daily trading volume to $448,751,113 at press time. The Ethereum-killer was able to outperform its biggest competitor, Ethereum (ETH), by 0.36% over the last 24 hours. Unfortunately, it was not able to do the same with the crypto market leader, Bitcoin (BTC). Currently ADA is down 0.16% against BTC.

4-hour chart for ADA/USDT (Source: TradingView)

Looking at the 4-hour chart for ADA, the altcoin’s price is trading above the 9 and 20 EMA lines on its 4-hour chart. Furthermore, the two lines have signaled a bullish flag after the 9 EMA line crossed above the 20 EMA line in the morning hours of yesterday.

Should ADA’s price overcome the resistance level at $0.3530 then it will likely spike towards the next resistance at $0.3651 before potentially elevating further in the coming 24-48 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source