Cardano (ADA) has been experiencing a bullish trend in 2023, with smaller investors driving the momentum. From January to May, retail investors holding between 1,000-10,000 coins and 10,000-100,000 coins have steadily grown their holdings, accounting for 6.29 billion out of the 34.79 billion total supply. In contrast, larger investors holding between 10,000,000-100,000,000 coins have seen their holdings drop drastically. The accumulation trend among smaller wallets could lead to more upside, and a broader distribution of the token helps sustain bull rallies. However, ADA is still facing significant resistance at the $0.38 level, and its inability to beat this resistance can be explained by the general low momentum in the market. At the time of writing, ADA is changing hands at a price of $0.37.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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