Cardano (ADA) has fallen to $0.60, but whale wallets holding between 1–10 million ADA added 70 million coins worth $42 million, raising total holdings to the highest level in five months.
The MACD indicator shows a decrease in bearish momentum as the red histogram bars shrink, hinting at a potential bullish crossover and a short-term reversal.
Trading at $0.61, ADA could rebound towards $0.66 if the support at $0.60 holds, while losing it could lead to declines towards $0.57 or $0.54.
Cardano price has struggled to find a floor over the past few days, unable to maintain recovery attempts and nearing the $0.60 level.
Despite the downturn, the on-chain data suggests a growing optimism, as large holders, known as whales, are quietly accumulating ADA, which may indicate confidence in a rebound.
Cardano whales are buying
Cardano price continues to form lower lows, with whales entering to accumulate. Addresses holding between 1 million and 10 million ADA added about 70 million tokens over the past 48 hours, worth approximately $42 million. While this seems modest compared to previous accumulations, the movement indicates growing confidence among large investors.
This buying rush pushes whale holdings to a five-month high, suggesting that they see the current price as a strong entry point. Their activity often serves as a leading indicator for broader market optimism.
The image shows Cardano whale holdings. Source: Santiment
From a technical perspective, the moving average convergence/divergence (MACD) shows signs of improving momentum, as the red bars on the histogram are decreasing, indicating a fading selling pressure. This shift aligns with recent whale activity and suggests that Cardano may be nearing a potential reversal zone.
In the past two months, Cardano approached forming a bullish MACD crossover but failed to maintain momentum each time. With strong accumulation from large holders and a fading selling trend, ADA may finally confirm a bullish crossover, indicating a potential upward trend in the short term.
The chart shows the MACD indicator for Cardano. Source: Trading View
ADA price is preparing for a rebound
This report is currently being written, with Cardano's price at $0.61, maintaining a slight position above the pivotal support level at $0.60. This recent stability coincides with renewed whale buying, hinting that the downward pressure may be weakening.
Maintaining $ADA at this level, it could rebound from $0.60 and rise towards $0.62 before targeting $0.66. A breakout in these resistance areas is likely to attract stronger flows, reinforcing a bullish reversal.
Cardano price analysis. Source: Trading View
Whale accumulation is declining and selling pressure is returning, Cardano's price may lose its support at $0.60. Such a move could push ADA to $0.57 or even $0.54, nullifying the bullish hypothesis and extending the correction phase.
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