![Cardano: 3.47 Billion ADA Backed Up as Price Touches Weekly Support](https://u.today/sites/default/files/styles/736x/public/2024-06/s2652.jpg)
Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
THE Cardano (ADA) The price touched a key weekly support level, a critical point where buyers could step in to avoid further declines.
After weeks of steady declines, ADA touched the weekly 50 SMA at $0.433. This level has notably supported the price of ADA since the end of October 2023, so ADA contact here remains important.
Cryptocurrencies closed the previous week in the red as the Bitcoin-led market fell on Friday after government jobs data for May came in well above forecasts, with 272,000 jobs gained.
At the time of writing, ADA was up 0.54% over the past 24 hours to $0.439, slightly higher than the previous day's low of $0.432. Current price action suggests that ADA is based on major support where a significant amount of ADA, nearly 3.47 billion coins, is held by a significant number of addresses.
According to In the block According to the data, 3.47 billion ADA was purchased by 350,940 addresses in a range of $0.371 to $0.431 at an average price of $0.3944.
If ADA manages to hold above this support level, including its weekly SMA 50 support, and gains upward momentum, it could herald the start of a new uptrend. Traders and analysts will be closely watching Cardano's price action in the coming days to determine its next moves.
What's next for the ADA award?
Cardano is currently trading in a symmetrical triangle pattern, indicating a battle between the bulls and the bears. Traders managed to push ADA price above the daily 50 SMA, which was $0.461, on June 7. ADA briefly reached a high of $0.49 before encountering resistance and the price began to decline.
![Trading View](https://u.today/sites/default/files/inline-images/09062024%201111.png)
ADA is now trying to recover from a four-day losing streak. It remains to be seen how far the bulls will push the recent price rebound. If buyers overcome the $0.49 barrier, ADA could rally back to $0.62. There is slight resistance at $0.57, but it should be overcome.
On the other hand, if Cardano falls below the daily 50 SMA at $0.461, it may imply that the bulls are making gains, keeping ADA price stuck in the triangle for some time.