Cardano (ADA) has climbed back into the top 10 cryptocurrencies by market value, surpassing Toncoin (TON) and Shiba Inu (SHIB). This resurgence places it as the eighth largest cryptocurrency. However, the fate of its upward movement hinges on the actions of buyers at the 2.9 billion ADA mark.

Current Status of Cardano (ADA)

As of May 30, data from IntoTheBlock indicates that 206,040 addresses purchased Cardano in the $0.466 to $0.499 range, with $0.481 being a notable price point. This price is now a significant resistance level for ADA. If investors holding a substantial amount of ADA decide to sell, it could lead to a sharp price decline. Conversely, if they hold onto or buy more ADA, it could boost price optimism.

Breaking through this resistance and turning it into support is crucial for ADA. If ADA can also surpass the $0.535 and $0.626 levels, it might reach the $0.80 level that it nearly touched in March this year.

Cardano's Price Outlook

Currently, ADA is priced at $0.4511, marking a 0.35% decrease over the past 24 hours and a 5.45% drop over the past week. However, it has gained 4.44% over the past month.

From a technical analysis perspective, ADA is trading below its 50-day, 100-day, and 200-day moving averages, which signals a bearish trend. Nevertheless, the 14-day relative strength index (RSI) remains neutral, suggesting potential movement in either direction.

CryptoBusy, a prominent crypto analysis platform, recently highlighted Cardano's strong technical fundamentals. However, in a post shared on May 27, they mentioned that for Cardano to increase awareness and adoption, it needs to enhance its marketing strategies, similar to what Solana (SOL) has done.

Conclusion

Cardano's recent achievements in surpassing Toncoin and Shiba Inu in market value indicate a strong position among the top cryptocurrencies. However, its future growth will depend on investor actions at critical price levels and improved marketing efforts to boost awareness and adoption.