Cardano (ADA) is trading just below a critical resistance level at $0.33 after a week marked by fear and uncertainty. On-chain data from IntoTheBlock suggests investors view this as a potential buying opportunity, anticipating a market recovery.
The disparity between buy and sell orders indicates growing optimism, with buy orders for 220 million ADA tokens valued at $70 million significantly outpacing sell orders.
Despite the bullish sentiment, ADA still faces resistance at the $0.33 level and needs to reclaim key indicators like the 4-hour 200 moving average to confirm a bullish trend.
Traders are closely watching these indicators to determine if ADA will rally or face further downside. External market factors will also play a critical role in influencing ADA's near-term direction.
