- The current ADA token price consolidates between the $0.53 and $0.39 key levels.
- Cardano crypto reflected a 4.71% decline in price during the weekly trading session.
- Crypto whales hold 7.17% of ADA tokens from the current circulation supply.
Founded in 2017, Cardano (ADA) is an open-source, decentralized blockchain platform. The project allows decentralized applications (dApps) and smart contracts to be built with modularity. ADA is a native token to this blockchain, which allows users to vote on network operations and software changes.
Cardano price has been facing some bearish remarks since March 2024. The crypto has reflected 32.02% negative profitability in April 2024. The current price has entered the consolidation phase.
Cardano Crypto, Performance, Supply Changes, Valuation, & Distribution
The maximum supply of ADA tokens is capped at 45 Billion. The total number of tokens created under this project is 36.86 Billion, of which 35.66 Billion are in current circulation. In terms of market cap, Cardano has placed itself among the top 10 most influential cryptocurrencies globally.
ADA’s current market cap stands at $15.71 billion, and the total diluted valuation of the project is estimated at around $19.82 Billion. The seven-day performance data shows that ADA has exceeded the global cryptocurrency market by 1.10%. It also outperformed similar Layer-1 cryptocurrencies.
The initial token distribution of the Cardano (ADA) is categorized in the following ways:
![Cardano](https://themarketperiodical.com/wp-content/uploads/2024/05/image-179.png)
- 57.60% is allocated to ICO
- 11.50% is allocated to the Team
- 30.90% is allocated to Staking Rewards
The Binance-Peg Cardano tokens have a circulation supply of 280 Million with 567,219 active holders. The top three wallets collectively own 27.41% of the supply, and the number one wallets have 32.06 Million tokens, which covers 11.45%.
Technical Analysis of the Cardano (ADA/USD)
![Cardano](https://themarketperiodical.com/wp-content/uploads/2024/05/image-180-1024x447.png)
The short-term outlook lies below the key exponential moving averages on the bearish side. The 50-day and 200-day EMAs are on the verge of a death crossover, indicating strong bearish sentiments in technical terms.
ADA price has given a breakdown of $0.53, which is a major key support level. Earlier, the price followed a trendline forming above and is slowly breaking from that trendline in the current phase. The current price is trading between the $0.53 and $0.39 levels. The breakout of any of those levels can lead the price in that direction.
The relative strength index (RSI) shows an internal bullish divergence in the current price momentum. However, the multiple crossovers between the RSI and SMA lines reflect uncertainty in the strength.
Summary
Cardano’s crypto price has declined since March 14, 2024, and reflected an almost 50% bearish rally. The current price moves below the $0.44 demand zone, showing sellers’ dominance. The current ADA price is trading between the $0.53 and $0.39 levels. The breakout of any of those levels can lead the price in that direction.
Technical Levels
At the time of writing, the immediate support for ADA was $0.39, while the $0.68 level is the next resistance. If the price exceeds the upper resistance level, a price rise can be seen. Likewise, a fall below the mentioned support level can lead to a price pullback to the next support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.