An important resistance level hindering ADA's progress is around $0.8. This is a level that the asset is very familiar with, as it successfully controlled its price increase earlier this year.
In other words, this is merely a test. During Friday's price surge, ADA briefly broke through this level, pushing it up to nearly $0.78, a two-and-a-half-month high, but the bears quickly regrouped, not allowing it to decisively close above that level.
The last breakthrough was in May, and there have been frequent large adjustments. Nevertheless, ADA has shown strong performance, and its current market value is also the best among the 12 currencies.
Earlier news mentioned that IOG proposed to exchange $100 million worth of ADA for BTC and stablecoins to enhance the DeFi ecosystem of the blockchain, leading to a subsequent price surge. This move was immediately met with resistance from some members who claimed it could lead to more painful sell-offs and a price drop.
However, market sentiment did not provide them with answers, meaning there is still potential for further upward movement, but it has not been clearly stated how much it aims to reach. If altcoins explode, ADA will be among the first.
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