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Cardano (ADA) Price: Whale Accumulation Reaches 3.27 Billion Tokens Amid Consolidation
The cryptocurrency market has been plagued by uncertainty and volatility in recent times, with many assets struggling to find direction. However, despite the tumultuous backdrop, Cardano’s (ADA) whale accumulation has reached unprecedented levels.
According to our data, whales have accumulated an astonishing 3.27 billion tokens, a clear sign that institutional investors are taking notice of this digital asset. This surge in buying pressure could be a harbinger for a potential reversal or at least, a prolonged period of sideways trading.
Despite the bleak landscape, Cardano’s fundamental story remains intact. The network utility. Historically, rising network activity has been a precursor to positive price action. Despite these bullish indicators, ADA faces several technical hurdles. The first key resistance level sits around $0.78, marking the upper boundary of the current trading range. A breakout above this level could open the door toward the next major resistance near $0.92-$0.94.
However, on the support side, analysts highlight the $0.65-$0.66 range as a critical zone that has held firm in recent trading sessions. A drop below $0.64 could accelerate the decline, potentially pushing prices toward the lower $0.50s.
The Relative Strength Index (RSI) currently sits at 37.49, suggesting oversold conditions. Additionally, the MACD shows a negative crossover at -0.0183, indicating continued selling pressure in the short term.
Derivatives data reveals waning speculative interest. Open interest in Cardano futures has dropped 4.54% to $771.41 million. Recent liquidations have totaled $3.19 million in the last 24 hours, with $3 million coming from long positions. This suggests that bullish traders have been caught off guard by recent declines.
Technical analyst Mosesifunanya at CoinMarketCap advises caution, suggesting bearish entries below $0.6539 could target $0.6333, while bullish positions should only be considered after a confirmed break above $0.7030.
The pivot point at $0.6824 represents a critical threshold that could determine the short-term trend. Traders are closely monitoring this level for signs of a potential breakout or breakdown.
Cardano’s all-time high stands at $3.10, making current prices a far cry from previous peaks. However, the ecosystem continues to show signs of development and adoption that could support future price appreciation.
Some investors have their sights set on ambitious targets, with some even eyeing $10 after ADA reportedly outperformed top S&P 500 companies. While such predictions may seem optimistic given current price levels, proponents point to the network’s fundamentals as justification.
The coming weeks will be crucial for Cardano’s price action. If historical patterns repeat, May could bring increased volatility and potential upside. However, traders should remain cautious as technical indicators have not yet confirmed a strong reversal.
Immediate support remains at $0.6545, with stronger support at $0.5778 if selling pressure intensifies.
Source: https://blockonomi.com/cardano-ada-price-whale-accumulation-reaches-3-27-billion-tokens-amid-consolidation/
