TLDR
- ADA price rebounded from $0.65 support but faces resistance at $0.75
- Whales accumulated over 180 million ADA in the past week
- Short-term trend remains bearish with resistance at $0.72-$0.75
- Open Interest decreased by 11.52% to $738.11 million, showing caution
- Daily active addresses show steady but moderate engagement (31,005)
Cardano (ADA) has been struggling to climb above key resistance levels after experiencing a sharp decline that took the price below the $0.80 mark.
The cryptocurrency is showing signs of a recovery attempt but remains trapped in a consolidation range, leaving investors wondering when the next significant move might occur.
In the past few days, Cardano followed Bitcoin and Ethereum into a bearish trend, dropping below several support levels. The price fell as low as $0.6495 before finding buyers willing to step in. This support zone around $0.65 has proven to be a key level for ADA.
Since hitting this recent low, ADA has started a recovery wave. The price managed to climb above the $0.680 and $0.70 levels. At press time, ADA was trading at $0.7217, though this represents a 2.93% decline over the 24-hour period.
ADA Price
Technical indicators show that ADA is facing a short-term bearish trend line with resistance at $0.720 on the hourly chart. The price is currently trading below the 100-hourly simple moving average, which adds to the bearish outlook.
The Relative Strength Index (RSI) stands at 47.34. This reading indicates neutral market conditions with no clear signs of being overbought or oversold. This neutrality reflects the current indecision in the market.
Looking at potential resistance levels, ADA might face its first major hurdle near the $0.750 zone. This corresponds to the 61.8% Fibonacci retracement level of the downward move from the $0.8169 swing high to the $0.6495 low.
If Cardano can break above this level, the next key resistance would be at $0.7750. Beyond that, the $0.80 level presents another major barrier. A clear break and close above $0.80 could potentially trigger a stronger rally toward the $0.950 region or even the $1.00 mark.
On the downside, if ADA fails to climb above the $0.750 resistance, another decline could occur. The immediate support is near $0.7150, followed by a more important support at $0.6880.
A break below $0.6880 might open the door for a retest of the $0.650 level. If this support fails, the next major level to watch would be $0.6320, where buyers might step in more aggressively.
Whale Activity
Whale activity provides an interesting counterpoint to the technical picture. Over the past week, large holders have accumulated over 180 million ADA. This surge in large-scale buying has raised speculation about a potential upward pressure on Cardano’s price.
However, the liquidation heatmap reveals pressure points that could limit upward movement. The $0.72 to $0.75 range has seen heavy liquidation activity, suggesting that ADA’s price could face resistance or trigger a wave of liquidations if it approaches these levels.
User engagement metrics show steady but moderate participation in the Cardano network. With 31,005 active addresses recorded at the time of writing, the network maintains consistent usage, but lacks the sharp increase often associated with bullish trends.
Open Interest
Cardano’s Open Interest has decreased by 11.52% to $738.11 million. This decline signals caution among traders, with many market participants stepping back due to uncertainty about ADA’s price direction.
The reduced number of leveraged positions suggests that ADA may continue to consolidate rather than make strong moves in either direction. Until market confidence builds, range-bound trading seems likely.
While whale accumulation has increased buying pressure, ADA’s immediate outlook remains uncertain. The bounce from support is positive, but neutral technical indicators and declining Open Interest point to limited momentum in the short term.
The cryptocurrency may remain caught between the support at $0.65 and resistance at $0.75 until a catalyst emerges to push the price decisively in one direction. Traders and investors should watch these key levels for signs of the next major move.
