Cardano seemed to be hovering at $0.33, a critical level. Will bulls gain momentum amid low profitability and potential volatility?
might just be at a crossroads, with the altcoin testing key support levels on the charts. At the time of writing, Cardano was trading at $0.33 – A price level that has historically acted as both support and resistance.
Now, although the market appeared to be recovering, Cardano’s price action has remained sluggish. In fact, the altcoin has been stuck in its press time range for a while now, with bulls being unable to muster enough buying pressure either.This sluggish performance is also evident in the asset’s profitability metrics. According to the IntoTheBlock data, only 15.85% of Cardano addresses own “In The Money.
If this level can be decisively conquered, then it would lead to cascades of liquidations, thereby helping fuel a bigger upward move in prices. However, such an occurrence may face hurdles from sellers seeking to recoup their losses. Especially given the low profitable address percentage.Hence, the question – Can 16% profitable addresses bring about a significant bull rally? Despite being a minority, this group might have the money and confidence necessary to drive up prices positively.
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