- Cardano broke out of a falling wedge and now targets $0.80 as key resistance to reclaim.
- $9.18M in exchange outflows suggests accumulation while 89.56% of retail accounts remain long.
- ADA/JPY sees $295M volume as Japanese interest and institutional exposure to ADA continue rising.
Cardano (ADA) is showing early signs of recovery after a breakout from a multi-month falling wedge. Despite a recent drop, buyers are attempting to regain control. The current focus remains on the $0.80 level, as traders watch to see if momentum can continue building above this key point.
Price Movement and Resistance Levels
According to analysis prepared by Captain Faibik via X, ADA has broken out of a falling channel on the daily chart. This pattern had limited price action for over two months. Following the breakout, ADA now faces intermediate resistance zones at $0.78 and $0.82, while support has formed near $0.75.
At press time, ADA is trading at $0.7709. This comes after a 5.70% decline over the last 24 hours. According to Coinglass data, exchange outflows of $9.18 million as of May 15 suggest accumulation. This behavior can reduce selling pressure and support upward momentum if continued.
Funding data shows that ADAâs OI-Weighted Funding Rate remains flat at 0.0054%, reflecting a lack of confidence from leveraged traders. However, according to Binance data, 89.56% of retail accounts are long on ADA. Only 10.44% are short, which shows strong market optimism.
Global Demand and Institutional Trends
Japanese interest in ADA has surged. According to Binance trading data shared by melon via X, the ADA/JPY pair recorded $295 million in volume. This makes it one of the highest-performing fiat-crypto pairs outside of USD or USDT on the exchange.
Institutional investors are also increasing exposure. According to TapTools, Cardano now holds 0.94% of CoinMarketCapâs Top 100 Index fund. Grayscale data places ADA as the fourth-best weekly performer among its top 10 assets, posting an 8.6% gain.
ADA remains in a bullish technical structure. However, if bulls fail to reclaim $0.80, price movement could face delays. Support must hold for continuation higher.
