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

More than 1 million Cardano addresses holding over 2 billion ADA at a supply wall of $1.04 may hinder the altcoin’s bid to break the $1 mark. This significant cluster of addresses creates strong resistance for Cardano’s price to surpass. In addition, the Mean Dollar Invested Age (MDIA) for ADA has been steadily rising, indicating that long-term holders are not moving their assets. This lack of investor activity makes it challenging for price growth to occur. On the daily chart, Cardano is trading alongside a head-and-shoulders pattern, suggesting a potential bearish reversal. With notable resistance at the current level, the token may drop towards $0.32 in the short term. However, if Bitcoin’s market conditions improve and it climbs above $70,000, ADA’s price might also move upward, with the potential to reach $0.61 and inch closer to $1.