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Cardano Sees Profitable Surge as ADA Trades at $0.5021

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Cardano Sees Profitable Surge as ADA Trades at $0.5021

Cardano (ADA) surged 4.19% over the past 24 hours, trading at $0.5021, with over 1.9 million addresses now seeing profits. This rally, led by Bitcoin (BTC) breaching the $71,000 resistance, saw ADA spike to a daily high of $0.5090 from $0.4646. Despite a slight retracement, ADA remains strong, trading at $0.5021 leading up to press time.

Cardano Profitability

According to IntoTheBlock, Cardano has 4.47 million addresses, with 1.94 million holding ADA at a profit at the current price. These profitable addresses hold a combined 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply. 

Related article: Cardano Community Buzz: Gemini’s Potential ADA Listing

This profitability suggests many addresses could sell to take profits, given the current price is above their entry point. On the flip side, about 2.47 million addresses hold ADA at a loss, with a cumulative amount of around 14.89 billion ADA. Additionally, 46,090 addresses are at break-even, neither in profit nor loss.

Major Resistance Ahead

Cardano investors remain optimistic about ADA’s potential to surge to projected levels by market analysts. They speculate ADA could reach $6.66, $7.5, $7.77, or even $27 during the peak of the bull run. For ADA to achieve these targets, it must surpass significant resistance levels, including its previous all-time high of $3.10 from September 2021. 

Related article: 10 Best Places to Stake Cardano

The first major resistance lies between $0.5029 and $0.5843, where 334,620 addresses bought 3.34 billion ADA. Furthermore, the next resistance is at the $0.5843 to $0.7183 range, where 402,150 addresses purchased 6.76 billion ADA, worth $3.39 billion at the current price.

Cardano’s recent surge has led to significant profitability for many ADA holders. Despite facing resistance, the optimism among investors suggests a potential for further growth. As ADA navigates these resistance levels, market watchers remain hopeful for new all-time highs.

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