Crypto analyst Ali Martinez tells his nearly 45,000 followers on the social media platform X that ADA “faces a formidable obstacle” in the $0.54 and $0.56 price range.
According to Martinez, nearly 50,000 addresses purchased approximately 2 billion ADA between these price points, suggesting that the holders may sell their Cardano troves just to get out at break-even prices.
However, the trader notes that Cardano may witness a burst to the upside if ADA bulls manage to clear the heavy supply level.
“Overcoming this resistance could pave the way for a bullish move toward $0.68!”
Source: Ali Martinez/X