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- ADA holds above $0.61 support despite short-term weakness.
- Whales continue accumulating, signaling long-term confidence.
- $0.74 remains the critical resistance before any recovery.
Cardano (ADA) has seen turbulent price action this week. After briefly climbing 11.4% to $0.694 from its local support near $0.61, the token retraced by 4% in the past 24 hours. This pullback mirrors Bitcoin’s (BTC) own hesitation at the $116,000 resistance level, which triggered broader market weakness.
Open Interest for ADA dropped alongside a stagnant spot Cumulative Volume Delta (CVD), reflecting limited short-term enthusiasm from traders. The funding rate, while still positive, declined — signaling reduced confidence among leveraged positions.
Whales Keep Accumulating Despite Market Caution
While short-term sentiment appears fragile, on-chain data tells a different story. Large Cardano holders — those with 100,000 ADA or more — have continued to accumulate over the past week. This steady accumulation suggests long-term confidence, even as speculators step aside.
Such whale behavior often precedes strong rebounds, but in this case, momentum indicators suggest that buying pressure remains insufficient to drive a sustained breakout.
Key Resistance Ahead at $0.74
On the technical front, ADA’s structure remains mixed. The $0.61 support zone has held firm, forming a base within a broader bullish weekly trend. However, a short-term bearish structure persists until ADA flips its major supply zone between $0.70 and $0.74 into support.
Also Read: Cardano (ADA) Uptrend Holds: Key $0.65 Support Points to $2.70 Target
Data from CoinGlass shows a cluster of liquidation levels near $0.745 — a zone that could attract price action in the coming days. Still, traders should remain cautious, as this area may trigger profit-taking and another local reversal.
Outlook: Consolidation Before Direction
Cardano’s near-term prospects depend on whether buyers can defend $0.61 and overcome resistance near $0.74. While whale accumulation hints at long-term optimism, current market signals point to continued consolidation before any clear breakout.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
