Cardano price has struggled to find its footing in recent days, failing to sustain any attempts at recovery and falling towards the $0.60 level.
Despite the decline, on-chain data suggests that optimism may be brewing. Large holders known as whales appear to have been quietly accumulating ADA, potentially signaling confidence in a rebound.
Cardano whales are buying
As Cardano’s price continues to form lows, whales have started accumulating. Addresses holding between 1 million and 10 million ADA have added about 70 million tokens in the past 48 hours, worth about $42 million. Although modest compared to past accumulations, the move signals growing confidence among large investors.
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The buying spree has pushed Whales’ holdings to a five-month high, suggesting they view current prices as a strong entry point. Their activity often serves as a harbinger of broader market optimism.
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From a technical perspective, the Moving Average Convergence Divergence (MACD) indicator is showing signs of improving momentum. The red bar on the histogram is receding, indicating that bearish pressure is weakening. This change is consistent with recent whale activity and suggests that Cardano may be approaching a potential reversal zone.
Over the past two months, Cardano has come close to forming a bullish MACD crossover, but has failed to maintain momentum each time. However, with strong accumulation from major holders and fading bearishness, ADA may finally confirm a bullish crossover, hinting at a possible short-term uptrend.
ADA price is seeing a rebound
At the time of writing, Cardano price is $0.61, just above the key support level at $0.60. The recent stabilization has coincided with new purchases from whales, suggesting downside pressure may be easing.
If ADA sustains this level, it could rebound from $0.60 and towards $0.62 before targeting $0.66. A break above these resistance zones is likely to attract stronger inflows and strengthen the bullish reversal.
However, if the whale accumulation eases and selling pressure returns, Cardano price could lose support at $0.60. Such a move could push ADA down to $0.57 or even $0.54, invalidating the bullish argument and potentially extending the correction phase.
