- ADA trades near $0.63, maintaining support amid cautious market conditions.
- Whale wallets sold 180 million ADA worth $120 million recently.
- Breakout above resistance could drive ADA’s next strong bullish rally.
Cardano’s (ADA) price shows early signs of recovery as the market attempts to stabilize. The 4-hour chart from TradingView indicates ADA trading near $0.63, rebounding slightly from the $0.60 support area. The asset remains within a well-defined consolidation range after recent volatility.
Market analyst Sssebi stated that “$ADA could get a small weekend pump,” noting that the first resistance sits near $0.66. The broader trend remains cautious, as ADA trades below the 200 EMA, indicating that bearish pressure still dominates. Until a break above $0.73, traders may continue to see range-bound movement.
Symmetrical Triangle Nears Its Apex
ADA continues to form a symmetrical triangle, a technical pattern that has been developing for several years. This formation suggests that market participants are awaiting a decisive move as price action nears the apex of the pattern.
A confirmed breakout above the descending resistance line could potentially trigger a rally toward $10, representing an estimated 1500% gain from current prices.
Conversely, failure to hold the ascending support trendline could see ADA revisiting the $0.33 support zone, marking a potential 46% decline. The RSI, currently around 41.64, signals neutral-to-weak momentum, while the MACD histogram reflects waning bullish strength and a recent bearish crossover.
Whale Activity Indicates Distribution
Meanwhile, Santiment data shows that large holders have been reducing their exposure to Cardano. Wallets containing between 10 million and 100 million ADA have collectively sold about 180 million tokens, worth more than $120 million. This selling trend may have contributed to the subdued momentum seen on shorter timeframes.
Despite the ongoing sell pressure, ADA continues to find buying interest near $0.60, a critical demand zone. Traders are now closely monitoring whether renewed volume can sustain upward pressure. With the symmetrical triangle nearing its end, both bullish and bearish traders are positioning for ADA’s next decisive move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
