In recent times, Cardano (ADA) supporters have exhibited reduced activity during unfavorable market conditions, whereas certain investors consistently take advantage of marginal price increases.
ADA Profitability Is Solid
The crypto analytics platform IntoTheBlock (ITB) provides thought-provoking observations regarding the behavior of traders within the ecosystem. ITB identifies profitable addresses on Cardano at a rate of 44.99%, or approximately 2,000,000 addresses. Meanwhile, wallets containing losses are at 52.15 percent, with 2,330,000 addresses. Moreover, 127,870 wallets, or 2.7% of the total, meander near the break-even point.
A significantly smaller percentage of ADA traders were profitable in the past, indicating a rare improvement in a market flooded with alternative options. Despite these encouraging developments, ADA faces challenges in maintaining the $0.51 level as its principal support.
Crypto Enthusiasts About ADA
Regarding crypto forecasts for 2024, Eric Wall, a notable advocate for Bitcoin, incited discord among members of the ADA community with two predictions. Wall forecasts that Polygon will supplant Cardano in the top ten cryptocurrencies this year.
Nevertheless, numerous ADA enthusiasts promptly recalled Wall's previous erroneous predictions from late 2021 and early 2023, discrediting his audacious prognosis. Charles Hoskinson, the creator of Cardano, even replied with a sarcastic GIF bearing the caption "Well... we're waiting!"
ADAUSD Technical Analysis
In the daily chart of Cardano price, the broader market momentum is bullish, where the most recent price shows a considerable downside correction.
Following the broader market trend, the ideal trading approach is to find a trend trading opportunity from the intraday chart. In the current chart, the dynamic 20-day EMA is closer to the price, supported by the visible range of high volume levels.
In that case, a daily candle above the 0.549 resistance level could be a valid long opportunity, targeting the 0.681 level. Moreover, a stable market above the 0.681 level could increase the ADA price towards the 0.800 area.
On the bearish side, a solid break with consolidation below the 0.447 level could lower the price in the coming days.
