- ADA defended the $0.70 support, with whale accumulation boosting confidence in price growth.
- Cardano broke out from a descending wedge pattern, signaling potential for a strong rally.
- A daily close above $0.74 could propel ADA toward the $0.90–$1 range, backed by solid liquidity.
Cardano (ADA) has closed the week in green and opened the new week on a positive note. The cryptocurrency defended key levels after facing selling pressure. Market participants are now focusing on breaking the $0.75–$0.80 resistance area. A successful breakout could clear the way for a move toward the $1 mark.
ADA Defends Key Support Levels and Shows Buyer Strength
According to analysis prepared by market specialists, ADA maintained its position above the psychological $0.70 level after two days of losses. The token had risen to $0.746 on April 24 but later retreated slightly as profit-taking emerged in the broader market.
Buyers remained active and protected the $0.70 zone, keeping the price between the daily moving averages at $0.674 and $0.764. Whale activity also supported ADA, as wallets holding between 10 million and 100 million ADA coins grew their share from 33% to 35.5% since January.
According to data from blockchain monitoring firms, addresses with between 1 million and 10 million ADA have also increased their holdings to 15.83%. This suggests that large investors remain confident about ADA’s price prospects.
Breakout Formation, Volume Movement, and Key Observations
According to an observation by blockchain researchers, ADA confirmed a breakout from a descending wedge pattern. This chart pattern is often seen before a new upward price movement when supported by steady trading volume.
During the breakout, ADA’s daily trading volume increased by 8.01% to above $954 million, showing renewed buying interest. However, volume later fell by 12.5%, indicating some cooling off after the initial push.
Smb_Vc on X mentioned, “ADA is trying to confirm $0.71 weekly as support. A break and daily close above $0.74 could send it straight to the $0.90–$1 range.” The ADA market cap now stands at $25.08 billion, offering strong liquidity for further price moves.
