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22 October, 2024

Cardano’s Price Struggle: Can it Break $1?

22 October, 2024

Cardano (ADA) has been facing headwinds in its attempt to break the crucial $1 resistance level. While a surge in Bitcoin’s price could provide a boost, several factors are hindering ADA’s growth, including the recent surge in inactive addresses.

The number of active Cardano addresses has declined significantly, suggesting a lack of investor enthusiasm. This inactivity, combined with the persistent resistance at $1.04, is creating a challenging environment for ADA bulls.

However, a strong rally in the broader cryptocurrency market, led by Bitcoin, could potentially push ADA closer to the $1 mark. If Bitcoin gains momentum and investors regain confidence, ADA might find the necessary support to overcome its current hurdles.

It’s important to note that technical analysis suggests that Cardano’s price is currently in a consolidation phase, hinting at potential volatility in the short term. While the $1 resistance level remains a significant obstacle, ADA’s future price action will largely depend on the broader market sentiment and Bitcoin’s performance.