ADA sits on major support where significant amount of ADA being held by enormous addresses
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Cryptocurrencies closed the prior week in the red as the market led by Bitcoin moved lower on Friday after the government's employment data for May came in far higher than predicted, with 272,000 jobs gained. At the time of writing, ADA was up 0.54% in the last 24 hours to $0.439, slightly higher from the prior day's low of $0.432. The current price action suggests that ADA sits on a major support where a significant amount of ADA, nearly 3.47 billion coins, are being held by a substantial number of addresses.data, 3.47 billion ADA were bought by 350,940 addresses in the range of $0.371 and $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 might herald the start of a new bullish trend. Traders and analysts will closely observe Cardano's price action in the coming days to determine its next moves.currently trades in a symmetrical triangle pattern, indicating a battle between bulls and bears. Traders managed to push the ADA price over the daily SMA 50, which was $0.461, on June 7. ADA briefly reached highs of $0.
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