Cardano Whales Accumulate Over 80 Million ADA in 48 Hours
Cardano (ADA) Analysis
Cardano is currently testing the crucial support zone at $0.74, following a significant increase of over 68% since April lows. The key points include:
- Bulls aim to maintain momentum toward the $0.90 resistance level.
- Whales have accumulated over 80 million ADA in the last 48 hours, indicating strong buying interest.
- A breakout above $0.90 could attract retail and institutional investors, potentially reigniting altcoin enthusiasm.
Despite the recovery, ADA remains about 43% below its December 2024 high of $1.32. Current market challenges include:
- Overall market fear and macroeconomic uncertainties affecting altcoin performance.
- Consolidation just above $0.74, with tight market structure suggesting a sharp upcoming move.
- Declining volume during pullbacks, indicating profit-taking rather than panic selling.
ADA's price dynamics show that reclaiming $0.80 would invalidate bearish scenarios and open pathways to higher targets. The 200-day EMA around $0.71 serves as dynamic support, while failure to hold this level may lead to deeper retracement.
In summary, Cardano's near-term outlook hinges on defending current support levels and breaking through resistance to establish an upward trend.