Cardano’s price has struggled to find a footing over the past few days, failing to sustain recovery attempts and slipping toward the $0.60 mark.
Despite the decline, on-chain data suggests optimism may be brewing. Large holders, known as whales, appear to be quietly accumulating ADA, potentially signaling confidence in a rebound.
Cardano Whales Are Buying
As Cardano’s price continues forming lower lows, whales have stepped in to accumulate. Addresses holding between 1 million and 10 million ADA have added roughly 70 million tokens over the last 48 hours, valued at around $42 million. While modest compared to past accumulations, the move indicates growing confidence among large investors.
SponsoredThis buying spree has pushed whale holdings to a five-month high, suggesting they view the current price as a strong entry point. Their activity often serves as a precursor to broader market optimism.
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From a technical perspective, the Moving Average Convergence Divergence (MACD) indicator shows signs of improving momentum. The red bars on the histogram are receding, indicating bearish pressure is easing. This shift aligns with the recent whale activity and suggests Cardano could be nearing a potential reversal zone.
Over the past two months, Cardano has come close to forming a bullish MACD crossover but failed to sustain momentum each time. However, with strong accumulation from major holders and fading bearishness, ADA could finally confirm a bullish crossover, signaling a possible short-term uptrend.
ADA Price Is Looking At A Bounce Back
At the time of writing, Cardano’s price stands at $0.61, holding slightly above the crucial $0.60 support level. The recent stabilization coincides with renewed buying from whales, hinting that downside pressure might be weakening.
If ADA maintains this level, it could bounce off $0.60 and rally toward $0.62 before targeting $0.66. A break above these resistance zones would likely attract stronger inflows, reinforcing a bullish reversal.
However, if whale accumulation eases and selling pressure returns, Cardano’s price could lose its $0.60 support. Such a move may push ADA down to $0.57 or even $0.54, invalidating the bullish thesis and extending the correction phase.
