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Will Cardano bulls triumph over massive sell wall to ignite rally to $0.50?

Will Cardano bulls triumph over massive sell wall to ignite rally to $0.50?

As the price of Cardano (ADA) continues to improve, it has faced a massive ‘sell wall’ that currently stands between $0.40 and $0.42, the breaking of which one cryptocurrency analyst believes might act as a trigger for the token’s bullish advance in the near future.

Specifically, Cardano’s digital asset has encountered a “colossal” sell wall in the amount of 3.85 billion ADA. However, “slicing through this barrier may spark a bull rally for ADA, as it faces minimal resistance ahead,” according to the analysis of the data shared by the crypto trading expert and analyst Ali Martinez on April 3.

Cardano exchange – onchain market depth. Source: Ali Martinez

As a reminder, a ‘sell wall’ refers to a very large sell order or a cumulation of sell orders at a particular price level that acts as resistance preventing the asset’s price from going up until the entire sell volume is complete. This means that if Cardano succeeds in overcoming this sell order, little resistance would stay in its way toward advancing further up.

Cardano price analysis

Meanwhile, ADA was at press time changing hands at the price of $0.40, recording a 3.45% gain in the last 24 hours, as it added up to the cumulative 11.99% price increase across the previous seven days, as well as the even larger advance of 16.33% over the past month, as charts indicate.

Cardano 30-day price chart. Source: Finbold

It should be noted that the price of Cardano can also be influenced by factors other than breaking this massive sell wall, including the overall sentiment on the crypto market, as well as the continuation of its intensive development efforts, such as the critical upgrade to the Cardano network that has seen its price soar.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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