Altcoins like Cardano have sustained large losses as the broader market has experienced profit-taking in recent hours. The current price of Cardano is down 33.52 percent from it’s all-time high of $3.10 on September 2. At the time of writing cardano is trading at $2.09 and has declined by 8 percent.
Cardano Price Trades in Red
Cardano is currently battling a critical level, and if it can break through the tension of this overhead barrier, Cardano prices will likely rise. As the market continues to rise, there are signals that it could be about to break out.
If the breakthrough is successful, Cardano price might surge to their next target of $2.53 or perhaps higher, depending on how strong the purchasing demand is at this point. In case the current trend continues, the next critical level might be $3.
If the price falls below $2.05, the prior breakthrough mark of $1.951 will be tested once more. This is a high-level support level that hasn’t been tried. In the medium run, if it gives way, a further drop to $1.56 is likely.
After a strong retrace, Cardano price found some support above $2, indicating that there could be further upward in the coming hours.
ADA wallets surge!
Data from Cardano data aggregator Pooltool, first published by Finbold, shows that the number of wallets staking $ADA has increased to 942,400 at the time of writing, up from 821,000 addresses on September 10.
According to the same data source, $54.07 billion in ADA has been staked over 2,931 active pools, accounting for nearly 72 percent of the cryptocurrency’s supply. The Cardano network reached a new milestone in May, when one million wallets were created on it.