Cardano ($ADA) Price Needs to Break the 'Colossal Sell Wall' to Enter a Bull Market

Cardano (ADA), the fourth-largest cryptocurrency by market capitalization, has been trading sideways for the past few days, hovering around $0.40.

However, some crypto analysts believe that the smart contract platform could soon enter a bull rally if it manages to break through a ‘colossal sell wall’ preventing it from reaching higher levels.

According to CoinMarketCap, as of April 6, 2023, Cardano’s price is $0.3989, with a 24-hour trading volume of $2.3 billion. The coin is down 0.25% in the last 24 hours and has a market cap of $12.7 billion.

What is a cell wall?

A sell wall is a term used to describe many sell orders placed at a certain price level on an exchange. These orders act as a resistance for price movement, as buyers have to absorb them before the price can go higher.

#Cardano | A colossal 3.85 billion $ADA sell wall stands between $0.40 & $0.42! 🚧

Slicing through this barrier may spark a bull rally for #ADA, as it faces minimal resistance ahead. pic.twitter.com/58SdHxbCzp

— Ali (@ali_charts) April 2, 2023

Sell walls can be created by whales, large investors who hold a significant amount of a certain asset, or by traders who want to manipulate the market sentiment and create fear among other investors.

Why is Cardano facing a sell wall?

According to crypto analyst and trader Michael van de Poppe, Cardano faces a sell wall at around $0.40, which is also a psychological level for many investors. He tweeted:

“$ADA still facing this colossal sell wall here at $0.40. Needs to break through that before we can see continuation towards $0.50 and possibly $0.80.”

Van de Poppe added that if Cardano fails to break through the sell wall, it could retrace to lower support levels at $0.34 and $0.30.

#Cardano | This head and shoulder pattern on $ADA daily chart is looking like my textbook!

If validated, #ADA may break out to $0.60. pic.twitter.com/ctQiNi1G9M

— Ali (@ali_charts) March 29, 2023

What are the factors that could boost Cardano’s price?

Despite the sell wall, Cardano has several factors that could boost its price in the near future. Some of them are:

– The launch of smart contracts on its network is expected to happen in Q2 2023. This will enable developers to create decentralized applications (DApps) on Cardano and expand its use cases and adoption.
– The growing interest from institutional investors looking for alternative investments in the crypto space. According to data from CoinShares, Cardano saw an inflow of $10 million in the week ending March 29, 2023, making it the third-most-popular crypto asset among institutional investors after Bitcoin and Ethereum.
– The increasing adoption of Cardano in emerging markets, especially in Africa, where the project has partnered with several governments and organizations to provide blockchain solutions for identity management, education, healthcare, and more.

How to buy Cardano?

If you are interested in buying Cardano, you can do so on various platforms that support its trading. One of them is Changelly, a fast and secure service that allows you to exchange over 160 cryptocurrencies at the best rates.

To buy Cardano on Changelly, you need to follow these simple steps:

– Visit Changelly’s website or mobile app and select the currency you want to exchange (e.g., USD) and the currency you want to receive (e.g., ADA).
– Enter the amount you want to exchange and click ‘Exchange Now’.
– Review the details of your transaction and confirm it.
– Enter your Cardano wallet address where you want to receive your ADA coins.
– Complete the payment using your preferred method (e.g., credit card or bank transfer).
– Wait for your transaction to be processed and receive your ADA coins in your wallet.

Conclusion

Cardano is one of the most promising projects in the crypto space, with a strong team, a solid vision and a loyal community behind it. The coin has been showing resilience amid the market volatility and has the potential to reach new highs if it breaks through the sell wall at $0.40.

However, as with any investment, there are also risks involved in buying Cardano. The coin’s price could be affected by various factors, such as technical issues, regulatory uncertainty, market sentiment and competition from other projects.

Therefore, before investing in Cardano or any other cryptocurrency, make sure you do your own research, understand the risks and only invest what you can afford to lose.

For more information about Cardano and its latest developments, visit its official website: https://cardano.org