- ADA Hits $0.69 as Inverse Pattern Fuels Breakout
- Whales Add 200M ADA, Support Price Acceleration
- Open Interest at $717M, Traders Favor Long Bets
Cardano $ADA is breaking out of the inverse head and shoulders pattern, signaling a potential move toward higher resistance zones. The price action shows strong momentum as ADA trades around $0.69, following increased accumulation by large holders and improving technical indicators across multiple timeframes.
ADA Price Rises as Whale Accumulation Supports Breakout
The financial performance of Cardano shows a 9% growth during the last 24 hours that raised its value to $0.69. The breakout aligns with the formation of an inverse head and shoulders pattern, which is commonly viewed by traders as a bullish reversal signal. According to analysis by Ali Martinez, ADA could rise to $0.77 if the breakout sustains.
On-chain data from Santiment confirms that whale wallets have increased their ADA holdings during recent price dips. Wallets holding between 100,000 and 1 million ADA accumulated an additional 200 million tokens between April 14 and April 23. Similarly, addresses holding 10 million to 100 million ADA increased their total balance from 12.67 billion to 12.87 billion tokens during the same period.
Market sentiment has also improved. The long-to-short ratio for ADA reached 1.06, the highest reading in over a month, according to Coinglass. This ratio suggests that more traders expect prices to rise than fall, supporting the current trend.
Technical Indicators Signal Momentum Toward $0.77 and Beyond
The ADA price discovered support at the 78.6% Fibonacci retracement level of $0.50 before rallying by 21% between April 7 and present time. It is now trading above the 61.8% retracement level at $0.67, confirming short-term strength. The Relative Strength Index currently stands at 67, indicating upward momentum but nearing overbought levels.
The MACD indicator has also turned positive, suggesting that bullish momentum may continue. If ADA holds above the $0.70 mark, analysts are monitoring $0.74 as the next resistance, followed by the key psychological level of $0.80.
Derivatives data shows ADA open interest rose to $717 million, reflecting increased trader participation. The funding rate remains positive at 0.0096%, signaling more long interest in the market.
