- Cardano has shown signs of a bullish structure starting to form but the downtrend has yet to reverse.
- Buyers do not need to worry about FOMO yet, but can wait until the pivot level reverses to support.
Cardano [ADA] From Monday, July 8th to Saturday, July 13th, prices increased by 35%. This sharp increase in prices was due to Large holders.
What are the long-term trends for tokens? Still bearish However, the psychological resistance level of $0.5 is likely to be crucial in the coming days.
This would be a signal that the bearish trend has reversed.
ADA/USDT. Source: TradingView
The daily price chart is above the recent low of $0.4235, which is a positive sign in the short term. This signals a change in market structure, but does not guarantee that the uptrend will continue.
The previous range low and the support zone of $0.44 to $0.475 were strong resistance zones. Additionally, there were bearish order blocks (red) in the $0.46 to $0.5 area. If the daily session closes above $0.5, the uptrend is likely to continue. Till then, buyers should remain cautious.
The daily RSI broke above the neutral 50 level, another sign that momentum is shifting to a bullish direction, and the OBV rose above its two-week low, suggesting that buying pressure is supporting the recent rally.
In the short term, a retest of the $0.42–0.43 area could create a buying opportunity with targets of $0.46–0.50.
Whale accumulation has increased in the past month
sauce: Into the Block
The 30-day change in ADA holdings distribution showed that addresses holding over $10 million in tokens increased by 6.93% over the past month.
This strengthens the idea that whales have been buying up the token as it has steadily fallen in price in recent weeks.
read Cardano [ADA] Price Prediction 2024-25
Overall, it seems likely that Cardano will begin a rise towards $0.50.
A breakout of this level would be a sign of a longer-term uptrend that could extend to the $0.57 and $0.68 levels that were prominent earlier this year.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and consists solely of the opinions of the authors.
