Cardano (ADA) is making headlines with substantial whale accumulation and a groundbreaking collaboration with NASA. If bullish momentum strengthens, ADA could be poised for a significant price breakout.
Whale Activity Sparks Price Movement
According to crypto analyst Ali Martinez, whales have acquired 190 million ADA in the past 24 hours, leading to a 2.24% price increase. At press time, ADA trades at $0.7234, having reached a daily high of $0.746. The Relative Strength Index (RSI) currently sits at 47.67, indicating neutral momentum, but a drop in buying pressure could lead to a potential retracement.
Whales bought 190 million #Cardano $ADA in the last 24 hours! pic.twitter.com/sUZKGrEU51
— Ali (@ali_charts) March 20, 2025
Meanwhile, the Bollinger Bands (BB) show key resistance levels at $0.7869 and $1.02. A successful breakout above $0.746 could push ADA toward $0.80 and $0.85, while a breakdown could see support at $0.705 before potentially testing lower levels.
Double-Top Pattern: Bullish vs. Bearish Outlook
On the weekly chart, ADA is forming a double-top pattern, a classic bearish reversal signal. If this pattern plays out, ADA could drop by 45% to $0.39 by June. Resistance at $1.186 has proved challenging, with ADA struggling to break higher.
The crucial neckline support sits at $0.705. A breakdown below this level could confirm the bearish pattern, leading to increased selling pressure. Additionally, ADA is testing the 50-week exponential moving average (EMA) at $0.668, with the 200-week EMA at $0.545 acting as deeper support. Closing below these levels could confirm a longer-term bearish trend.
However, if bulls successfully defend the $0.705 level, ADA may attempt another rally toward $1.186, potentially reversing the bearish sentiment.
Cardano’s NASA Partnership and Regulatory Clarity
Despite technical concerns, fundamental developments bolster ADA’s long-term potential. The Cardano Foundation has confirmed a partnership with NASA to enhance data provenance, track and trace systems, and satellite data integration. Frederik Gregaard, CEO of the Cardano Foundation, emphasized ADA’s capability to support Merkle Patricia Tries (MPTs), enabling seamless Bitcoin transaction recording on Cardano’s blockchain.
JUST IN: Cardano Foundation CEO Frederik Gregaard says "we're working with NASA on track and trace, data provenance, and satellite data. $ADA can do Merkle Patricia Tries (MPTs); we put the entire Bitcoin protocol on #Cardano. Every single Bitcoin TX is automatically recorded." pic.twitter.com/DirclNCgq8
— Angry Crypto Show (@angrycryptoshow) March 15, 2025
In another positive development, the U.S. SEC has dropped its lawsuit against Coinbase, which had named ADA as an unregistered security. Additionally, data from Polymarkets indicates a 66% probability of a spot Cardano ETF approval, potentially boosting investor confidence.
Also Read: Bitcoin Hits $87K, Cardano Surges – New ADA ATH Incoming?
ADA’s price trajectory remains uncertain, with technical indicators pointing to potential retracement while fundamental developments provide optimism. If bullish momentum sustains, ADA could challenge higher resistance levels. However, traders should watch key support zones closely, as a breakdown could trigger further downside.
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.
