Cardano, the tenth largest cryptocurrency, is experiencing a decline in its price due to selling pressure in the market. The price of Cardano has decreased by 2.38% in the last 24 hours, bringing its value down to $0.411. However, on-chain data shows that there is a strong support level for Cardano between $0.371 and $0.403, where a large volume of Cardano was bought by investors.

This price range is crucial because it represents a zone where 2.6 billion Cardano were bought by 251,280 addresses. The average buying price within this range is approximately $0.386, which suggests that many investors are likely to defend this price zone. This support zone could potentially stop the downward trend and provide a basis for a price rebound. In fact, this support halted Cardano's price decline during the mid-April washout.

Cardano is currently trading just above this key support zone, with recent price action testing these levels. If Cardano's price remains above $0.386, it could indicate that the market is respecting on-chain data signals, leading to a consolidation or upward movement. However, if Cardano's price breaks below this range, it could lead to further declines.

The next price move for Cardano is uncertain, but on-chain data has provided a clear indication of where the next support might be found. Whether this support zone will hold or give way under market pressure remains to be seen, but it is undoubtedly a key area to watch in the coming days.

The price movement of Cardano is significant because it shows that investors are still interested in buying the cryptocurrency despite the selling pressure in the market. The strong support level between $0.371 and $0.403 indicates that investors are likely to defend this price zone, which could provide a basis for a price rebound. As the market awaits Cardano's next price move, investors are watching the support zone closely to see if it will hold or give way under market pressure.