Key Notes
- Cardano price has seen a WTD growth of 10%, trading near its 20-day EMA.
- Whale accumulation continues despite falling volume.
- A breakout above $0.70 could trigger the next major rally for ADA price.
The latest market figures show that Cardano (ADA) is gaining ground following a recent price jump. Many traders believe this push could fuel another big move for the coin. With the price holding steady, buyers are watching an important price point that could shape what happens next.
ADA Settles Near 20-day EMA as Bulls Eye $0.70
Over the past week, Cardano has jumped by about 10%, giving traders who had watched it dip in previous weeks some hope.
CoinMarketCap data shows ADA was trading around $0.637 as of press time. Reports also show that ADA is close to its 20-day Exponential Moving Average (EMA). This line tracks the coin’s price over the past 20 days, giving more weight to the most recent prices. A move above this level often signals a shift in market direction.
ADA has not fully broken above this level, but it is close. Traders are paying attention because a clean move above it shows buyers gaining control. If that happens, Cardano could push toward $0.70, which is seen as the coin’s next big resistance level.
On-chain data also supports this outlook. The Network Realized Profit/Loss (NPL) metric, which indicates whether traders are generally profitable or in loss, has recently turned negative. This implies that many ADA holders are currently at a loss.
When this occurs, selling tends to decrease, reducing downward pressure on the price and potentially contributing to price stability or even a gradual increase.
Cardano’s Price Chart. Source: TradingView.com
On the ADA/USD one-day chart, the Chaikin Money Flow (CMF) indicator, which measures the amount of capital flowing in and out of the asset, is currently positive at 0.03. While that value might seem modest, it still indicates that buying pressure outweighs selling pressure.
In a recent development, Cardano is now listed on Interactive Brokers, giving Wall Street direct access. This milestone has sparked fresh speculation that $10 ADA could be next.
Volume Drops Even as Whales Show Interest
It is worth noting that even with the recent price increase, ADA trading volume has dropped. According to CoinMarketCap, in the last 24 hours, trading activity fell by over 8.6%. This happened under $636.93 million worth of ADA being traded.
This slowdown in volume could mean that some traders are waiting for a clear breakout before they make their next move.
ADA is one of the top three cryptocurrencies being picked up by these big players this month. This suggests they expect something bigger from Cardano soon.
Still, the coin has not kept up with Bitcoin or SHIB, which have seen stronger rallies lately.
If Cardano cannot stay above $0.60, it might fall to $0.40. However, if buyers keep stepping in, a breakout is still possible. If ADA climbs above $0.7002, with RSI above 55 and a MACD crossover, traders could see a rally toward $1 or higher.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
