Cardano (ADA) Price Rebound Possible with Spike in Staking
After a scare at the $0.25 support level, Cardano (ADA) is showing signs of a potential price rebound. Here are the key points:
- Cardano holders have staked $50 million in the last 5 days.
- The spike in staking comes after the ADA price dropped 43% below its 2023 peak.
- Increased staking means tokens are temporarily removed from the market supply, which could lead to a price uptick when demand increases.
- ADA price has already gained nearly 3% since August 23, following the spike in staking.
- Investors who bought ADA in the last 30 days could book losses of up to 11% if they sell now, suggesting they may hold out for potential gains.
With Cardano currently at $0.26, if holders continue to stake their coins, it could spark a double-digit percentage price rally. However, resistance is expected around the $0.28 territory that may cause a bearish reversal. If the bulls can push past this resistance, ADA price could reclaim $0.30. On the other hand, if the support level at $0.25 caves in, Cardano’s price could drop below $0.23 for the first time in 2023.
Hot Take: The recent spike in ADA staking indicates that Cardano holders are looking for potential gains in the future. If the trend continues, there is a possibility of a price rebound and even reaching $0.35.
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