- Buyers have been on edge as the ADA price has tried to stay above the critical $0.20 line.
- If the price breaks below $0.2410 level, then it will likely decline to test $0.16 support level.
The first Cardano social networking app, Cardano Spot, was released yesterday. The burgeoning social network platform designed to unite and empower Cardano aficionados is now ready to provide a hand to indigenous initiatives.
The Cardano Spot is a sophisticated hub for bringing in new members of the Cardano community and native initiatives. There are now over a thousand active projects on the Cardano Blockchain, and the network has an significant number of over four million wallets.
Heavy Selling Pressure
For the last several months, Cardano (ADA) has been unable to break out of its bearish phase and has instead lagged behind other major cryptocurrencies. Consistent buildup coupled with confined trade activity suggests that the next move might be rather large.
Since April 2023, when the ADA price peaked at $0.462, when it began to fall under heavy negative pressure, the ADA price has seen tremendous volatility. Buyers have been on edge as the ADA price has tried to stay above the critical $0.20 line in an effort to prevent a negative YTD growth rate.
Despite these obstacles, the Cardano community is optimistic since bulls are widely expected to make a return. At the time of writing, ADA is trading at $0.243, down 1.69% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 13.03%.
If the price breaks below $0.241 level, then it will likely decline to test the $0.161 support level. However, if the price manages to go above $0.249 then it will likely move towards $0.253 resistance level. If bulls could drive the price above this level then it will likely test the $0.256 mark.
