Cardano (ADA)’s price appears to be regaining bullish momentum alongside other major cryptocurrency assets across the market, such as Bitcoin and Ethereum. This renewed upward performance of ADA is attributed to multiple factors, such as a broader market recovery and potentially the recent uptick in whale activity.
ADA Faces Key Test After Accumulation Surge
With the market environment slowly turning bullish once again, the price of Cardano is exhibiting upside action, approaching the $0.25 mark. Despite this upward move, the altcoin is now being faced by significant resistance that may serve as a trigger for more upside activity or downside trend.
After examining the chart on the 3-day time frame, Ali Chartz, a seasoned crypto analyst and trader, outlined that Cardano is currently approaching a decisive moment that could dictate its next move. Ali stated that the altcoin has returned to a make-or-break point, located at the $0.243 level.
Currently, the price seems to be tightening around this key area. Here, the support and resistance dynamics are expected to dictate the next significant direction as indicated by the market expert. According to Ali, this make-or-break zone has historically acted as the ultimate pivot for ADA’s trend.
This is backed by past scenarios where hitting this level becomes the launchpad for significant rebounds. At this point, a continued upward action falls into the bulls’ hands. If these investors can defend this floor, the positioning could set the stage for a relief rally toward the $0.03 resistance.
However, when ADA fails to hold here and loses the zone on a daily close, it would be a major structural failure and shift into a bearish phase. Ali highlighted that the breakdown here could expose ADA to a deeper correction, potentially testing the yearly lows near the $0.10 level.
Given the growing interest and demand for Cardano, the altcoin might gain the necessary momentum to push upward and break this zone, as accumulation often plays a role in price performance. Large holders were reportedly earlier to be steadily increasing their positions, signaling growing confidence even as the price approaches a decisive zone.
Cardano Whale Count At Multi-Month Level
Mintern shared on X that wallet addresses holding at least 10 million ADA have increased sharply, indicating a persistent buying activity by high-net-worth investors. As seen on the chart, the number of these large investors or whales is at a 4-month high, with 424 wallets.
According to Mintern, this is a clear sign of growing whale accumulation, representing an over 5.2% increase in just 9 weeks. In the meantime, this combination of a significant technical level and robust accumulation puts ADA at a pivotal juncture where the next move could determine its short-term course.
At the time of writing, the Cardano price was trading at $0.25 after recording a nearly 5% increase in the last 24 hours. As the price slowly moves toward the upside, its trading volume has flipped bullish, rising by over 9% within the same time frame.
Featured image from Freepik, chart from Tradingview.com
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