Cardano (ADA) price is showing signs of recovery, but it needs widespread support from the market and investors.
Fortunately, altcoin holders are already anticipating a resurgence, which could be a key factor in the recovery.
Optimism among Cardano investors remains strong.
Cardano's price has been at lows throughout June, but that hasn't stopped investors from hoarding. The average coin age is steadily rising, indicating that the average holding period for coins is increasing.
The steady increase in average coin holding period means that investors are holding on to their ADA tokens for longer periods of time. This behavior is often seen as a sign of confidence in the asset's future performance.
Overall, the rise in average coin age shows strong confidence among ADA holders despite the price attempting to regain key support levels.
This also means a surge in profits recorded by investors. According to the Global In/Out of the Money (GIOM) indicator , ADA faces a loss of approximately 1.7 billion ADA . This $683 million supply, bought between $0.39 and $0.42, could have a significant impact on the market.
However, if the price of Cardano successfully increases, this supply could become profitable. As a result, more investors will flock to the asset, strengthening ADA's overall resilience in bear markets.
Read more: How to Buy Cardano (ADA) and Everything You Need to Know
ADA Price Prediction: Watch for a Rebound
The price of Cardano fell from a bullish symmetrical triangle a month ago, in early June. Due to the decline since then, ADA is currently trading below $0.40. As a result, third-generation altcoins are currently trading below $0.40.
However, with strong signals and investor confidence , Cardano's price could bounce back. A recovery could begin if $0.40 turns into support. The target price is $0.42 in the short term and $0.46 in the long term.
Read more: Cardano (ADA) Price Prediction 2024/2025/2030
However, the bullish logic could be nullified if investors sell for profits before the target is reached. This could result in ADA failing to break above $0.42.
