Over 1 Million Cardano Addresses May Hinder ADA’s Bid to Break $1

BE[IN]CRYPTO2024-10-22

Cardano surged to $0.80 in Q1 2024 but faces strong resistance at $1.04 due to unrealized losses from holders. Rising Mean Dollar Invested Age (MDIA) suggests stagnant investor activity, contributing ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOver 1 Million Cardano Addresses May Hinder ADA’s Bid to Break $1\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-22 16:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/cardano-price-to-miss-rally/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cardano surged to $0.80 in Q1 2024 but faces strong resistance at $1.04 due to unrealized losses from holders.\nRising Mean Dollar Invested Age (MDIA) suggests stagnant investor activity, contributing ...</p>\n\n<a href=\"https://beincrypto.com/cardano-price-to-miss-rally/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4125","symbol_name":"广播","start_time":0,"source_url":"https://beincrypto.com/cardano-price-to-miss-rally/","article_id":"2477388013","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2024/10/bic_cardano_1-covers-850x478.jpg.optimal.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477388013","pubTimestamp":1729586193,"columns":[],"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Cardano surged to $0.80 in Q1 2024 but faces strong resistance at $1.04 due to unrealized losses from holders.Rising Mean Dollar Invested Age  suggests stagnant investor activity, contributing to ADA's price struggles.ADA may drop to $0.32 short term, but a BTC surge above $70,000 could push ADA to $0.61 or higher toward $1.In the first quarter of 2024, Cardano’s  price surged from $0.46 to $0.80 in under three months. This performance hinted at a run toward the $1 mark. However, since then, the altcoin has been in freefall, showing little to no signs of repeating that performance.While broader market conditions contributed to Cardano’s decline, other factors have also affected its underperformance. This on-chain analysis highlights the key reasons ADA’s price has struggled to reach the point it last reached in 2022.One key reason for Cardano’s price performance is the significant supply wall beginning at $1.04. According to the Global In/Out of Money  metric, over 1 million addresses ","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4125":"广播","MDIA":"Mediaco Holding Inc.","BTC":"Grayscale Bitcoin Mini Trust"},"translate_title":"超过100万个卡尔达诺地址可能会阻碍ADA突破1美元的努力","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTC":1,"MDIA":1},"content_text":"Cardano surged to $0.80 in Q1 2024 but faces strong resistance at $1.04 due to unrealized losses from holders.\nRising Mean Dollar Invested Age (MDIA) suggests stagnant investor activity, contributing to ADA's price struggles.\nADA may drop to $0.32 short term, but a BTC surge above $70,000 could push ADA to $0.61 or higher toward $1.\n\nIn the first quarter of 2024, Cardano’s (ADA) price surged from $0.46 to $0.80 in under three months. This performance hinted at a run toward the $1 mark. However, since then, the altcoin has been in freefall, showing little to no signs of repeating that performance.\nWhile broader market conditions contributed to Cardano’s decline, other factors have also affected its underperformance. This on-chain analysis highlights the key reasons ADA’s price has struggled to reach the point it last reached in 2022.\nSupply Wall at $1.04 Poses Challenges for Cardano\nOne key reason for Cardano’s price performance is the significant supply wall beginning at $1.04. According to the Global In/Out of Money (GIOM) metric, over 1 million addresses have accumulated more than 2 billion ADA at this level.\nThe GIOM classifies addresses based on their profit positions, those breaking even, and those out of money. From a price perspective, the larger the cluster of addresses or volume at a specific price range, the stronger the support or resistance. \nThe image below shows that the addresses and volume around $0.35 are higher than those at several price ranges up until  $0.66. As such, Cardano’s price has the potential to reach that point. However, the supply wall at $1.04 creates significant resistance, which could make it difficult for the ADA to break past that level.\nRead more: How to Stake Cardano (ADA)\nCardano Global In/Out of Money. Source: IntoTheBlock\nAnother factor contributing to the bearish pressure on ADA is the state of the Mean Dollar Invested Age (MDIA). The MDIA represents the average age of every dollar invested in a cryptocurrency. \nIn bull markets, a declining MDIA suggests that whales are reactivating dormant coins and moving them back into circulation, which often boosts prices. \nHowever, in ADA’s case, the 90-day MDIA has been steadily rising, indicating that long-term holders are not moving their assets. This trend signals that price growth may be difficult to achieve as investor activity remains stagnant.\nCardano Mean Dollar Invested Age. Source: Santiment\nADA Price Prediction: At Risk of Hitting $0.32\nOn the daily chart, Cardano’s price is $0.37, but it is trading alongside a head-and-shoulders pattern. A head and shoulders pattern is a bullish to bearish reversal pattern that usually accelerates a downtrend.\nBeyond that, ADA is facing notable resistance at the current level, indicating that it might be challenging for the token to trade higher. Should this remain the same, Cardano’s price might drop toward $0.32 in the short term.\nRead more:  6 Best Cardano (ADA) Wallets You Should Consider in October 2024\nCardano Daily Price Analysis. Source: TradingView\nHowever, the long-term outlook for the token could be bullish if the broader market conditions improve. Specifically, if Bitcoin (BTC) climbs above $70,000, ADA’s price might also begin to move upward. If BTC hits a new all-time high, the altcoin might hit $0.61 and possibly inch closer to $1.\n\n\n\n\nTop crypto projects in the US | October 2024\n\n\n\nCoinbase\nExplore\n\n\n\n\n\n\nCoinrule\nExplore\n\n\n\n\n\n\n3Commas\nExplore\n\n\n\n\n\n\nUphold\nExplore\n\n\n\n\n\n\nChain GPT\nExplore\n\n\n\n\n\n\n\n\n\nTop crypto projects in the US | October 2024\n\n\nCoinbase\n\n\n\n\n\n\n\n\nCoinrule\n\n\n\n\n\n\n\n\n3Commas\n\n\n\n\n\n\n\n\nUphold\n\n\n\n\n\n\n\n\nChain GPT","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477388013"}