#ada
Cardano Is Under Significant Buying Pressure
The significant increase in buy orders has helped Cardano create a stable support wall. IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows that more than 340,000 addresses have previously acquired 7.65 billion ADA at a price of around $1.
The demand zone could have the strength to absorb any spike in selling pressure and allow prices to rebound toward $1.20 or even $1.60.
While the odds appear to favor the bulls, any significant move rests on the $1 support level. A decisive daily close below this barrier could create panic in the market, encouraging investors to reduce the size of their positions. Under such circumstances, Cardano could capitulate toward $0.66 to mark the end of the downtrend.
