Cardano (ADA) is dancing on a narrow wire. The coin is currently trading at $0.6923, slightly below a key resistance at $0.70. It saw a small dip of 0.37% over 24 hours and a trading volume drop of nearly 16%. Yet, its price is still up 2.05% over the past week, hinting at resilience. But this sideways movement has left traders on edge.
The technical indications signal that ADA may be losing momentum following its recent advance. The relative strength index is above 70, which indicates overbought levels. The Bollinger Bands are narrow and tightened, hinting that there may be a breakout at hand, though no direction can be determined. Investors will be looking to see a significant move to confirm a trend or signal a reversal.
Whale wallets now hold nearly 13B ADA
The big players aren’t idle. In April, Cardano whales accumulated more than 420 million ADA worth approximately $289 million. Their collective holdings increased to 12.89 billion ADA, from 12.47 billion. Their holdings represent huge portions of supply, and their actions can dictate short-term price movements.
In spite of this strong buying, ADA continues to remain below the $0.70 level. The coin has fluctuated between $0.66 and $0.74, but has never managed to maintain higher levels. Absence of momentum keeps the price treading lower. The $0.6683 level is identified by traders as crucial support and $0.7041 as resistance to monitor. Breakout watchers remain patient.
Cardano Bullish breakout could target $0.80 next
In the future, experts anticipate ADA to remain volatile in the short term. If it remains above $0.66 and recovers to $0.70, it can possibly head to $0.74 again. A confirmed breakdown can pave the way to $0.80. Caution is still needed, as any fall below $0.66 can bring it down to $0.60 and undermine the bullish configuration.
In the longer term, Changelly predicts ADA can reach as much as $0.940 by May of 2025 with an ROI of as much as 39.6%. The average price predicted is $0.834. In the meantime, however, price has to break out of this tight range. Traders keep an eye on MACD and RSI for an early sign, but the market requires a solid catalyst to spark price movement.
