Cardano

Impact

Resistance

<ul> 
 <li aria-level="1">ADA’s recent price action surpassed a previous lower high of $0.4235, hinting at a potential shift in market structure.</li> 
 <li aria-level="1">Resistance observed in the $0.44-$0.475 range, with critical levels extending up to $0.5 marking a bearish order block.</li> 
</ul> 
Recent data on Cardano (ADA) prices shows a potential turning point as the currency experienced a 35% surge in value from July 8 to July 13. This increase is largely attributed to the intensified buying activity of large-scale holders, indicating a shift in market. 
<figure id="attachment_82000" aria-describedby="caption-attachment-82000" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-82000" src="https://www.ethnews.com/wp-content/uploads/2024/07/ADAUSDT_2024-07-14_11-54-55.png" alt="ADAUSDT_2024-07-14_11-54-55" width="1692" height="959">
 <figcaption id="caption-attachment-82000" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
While the long-term outlook for ADA remains bearish, there is a growing sentiment that the critical resistance level of $0.5 could play a decisive role in the coming days. 
ETHNews is <a href="https://www.ethnews.com/charles-hoskinson-reacts-to-ada-stablecoin-humor-amid-price-stagnation/">analyzing</a> the current market structure, the <a href="https://www.ethnews.com/cardano-ada-poised-for-growth-analyst-anticipates-surge-above-3-amidst-volatile-market/">ADA price</a> recently surpassed the previous lower high of $0.4235. This development suggests a potential shift in market structure, though it does not necessarily confirm the onset of an uptrend.&nbsp; 
<figure id="attachment_81984" aria-describedby="caption-attachment-81984" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-81984" src="https://www.ethnews.com/wp-content/uploads/2024/07/PP-1-ADA-prie-e1720971887765.png" alt="Trading-chart-ada-price" width="1940" height="986">
 <figcaption id="caption-attachment-81984" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Resistance remains firm within the $0.44-$0.475 range, and a bearish order block is noticeable in the $0.46-$0.5 region. A daily close above the $0.5 mark could indicate the beginning of an uptrend, but until such a breakout occurs, investors are advised to exercise caution. 
<figure id="attachment_81996" aria-describedby="caption-attachment-81996" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-81996" src="https://www.ethnews.com/wp-content/uploads/2024/07/ADAUSDT_2024-07-14_11-50-57.png" alt="ADAUSDT_2024-07-14_11-50-57" width="1692" height="959">
 <figcaption id="caption-attachment-81996" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The Relative Strength Index (RSI) for ADA has crossed above the neutral 50, suggesting an increase in bullish momentum. Additionally, the On-Balance Volume (OBV) indicates that the recent price gains are supported by substantial buying pressure, reflecting the activities of the whales who have been actively accumulating ADA. 
<figure id="attachment_81992" aria-describedby="caption-attachment-81992" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-81992" src="https://www.ethnews.com/wp-content/uploads/2024/07/ITB_ada_addresses_by_holdings_cardano_2024-07-14T15_46_29.154Z.png" alt="Entendido, aquí está la frase con todos los símbolos sustituidos por guiones:coin-ADA-deep-dive-group-ownership-chart-holdingsDistribution" width="1200" height="800">
 <figcaption id="caption-attachment-81992" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
In terms of investment strategy, the near-term retest of the $0.42-$0.43 zone could present a lucrative buying opportunity, with potential targets ranging up to the $0.46-$0.5 zone. It’s important to note that a sustained breakout above $0.5 could signal the start of a more prolonged uptrend, potentially reaching previous levels at $0.57 and $0.68. 
<div class="cryptoboxes" id="mcw-12352" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ADA" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
This surge in ADA is underpinned by <a href="https://www.ethnews.com/cardano-ada-scaling-heights-post-bitcoin-halving-whats-the-peak/">ETHNews data</a> showing a 6.93% increase over the past month in holdings by addresses with tokens valued at over $10 million. This pattern of accumulation suggests that despite recent price declines, there is a confidence among major investors that ADA has the potential for substantial future gains.&nbsp; 
The post <a href="https://www.ethnews.com/cardano-price-surge-analyzing-adas-35-increase-and-whale-activity-impact/">Cardano Price Surge: Analyzing ADA’s 35% Increase and Whale Activity Impact</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Cardano Price Surge: Analyzing ADA’s 35% Increase and Whale Activity Impact

ETHNews

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