Cardano Hits a Wall: Bulls Slam Into $0.79 Resistance Like a Day Trader Hitting Margin Call
Cardano’s rally hits the brakes as the $0.79 price level morphs into an immovable object—proving once again that crypto ’support’ and ’resistance’ are just fancy terms for ’places where bagholders panic.’
The ADA army’s breakout dreams stall out, leaving them staring at charts like Wall Street analysts pretending they saw the dip coming. Meanwhile, the rest of the market shrugs—because when has logic ever governed crypto?
Funny how these ’key levels’ always matter... until they don’t. On to the next hopium-fueled narrative.
- Cardano ranges between $0.65-$0.85, halted by firm $0.79 resistance after the latest upsurge.
- ADA fell 14% over the week to about $0.71 amid macroeconomic concerns and high liquidity.
- The whales amassed 180 million ADA; breakout imminent, with a $10 target estimated for 2025.
Cardano (ADA) is currently in a consolidation phase following a strong rally. After reaching impressive highs, ADA has settled into a sideways trading pattern. Prices are fluctuating within a $0.65 to $0.85 range, suggesting investors are building positions quietly in anticipation of the next major market move.
The recent market turbulence caused ADA to dip to $0.743 last Friday. The drop was triggered by macroeconomic fears that impacted the broader crypto market. Currently, ADA trades near $0.71, marking a 14% weekly decline. The strong liquidity amid declining prices hints at potential repositioning by large market participants, possibly signaling preparation for an upcoming shift in trend.
Cardano Price Range Between $0.73 and $0.86
Technical information on TradingView indicates ADA has been stuck in a range of $0.7316 and $0.86 since the beginning of May. An attempt at breaking the $0.79 resistance was quickly rejected, solidifying the level as a short-term ceiling of key importance.
For ADA, the daily chart sees the cryptocurrency oscillating between the top and bottom of the Bollinger Bands at $0.83 and $0.71 respectively. Its 200-day moving average, at $0.75, is a major resistance level now. A close above this threshold could spark renewed bullish momentum, while a failure may extend the downtrend.
ADA’s price also follows a descending channel pattern, signaling a possible pivot. Crypto analyst Ali highlights the importance of the $0.79 resistance. A successful breakout above this level may trigger a sharp rally. Many traders are watching closely ADA, anticipating confirmation of a reversal in trend direction.
Whale Activity Signals Potential Major Moves
Over the past week, whales have amassed over 180 million ADA, indicating growing institutional interest. Analyst Ali suggests this accumulation during consolidation hints at the long-term bullish sentiment. Whale behavior often precedes major moves, making this development noteworthy amid mixed market signals and economic uncertainty.
Crypto commentator Dan Gambardello equates this phase of consolidation with Cardano’s traditional norm of taking roughly 179 days. ADA’s 176-day streak follows the pattern, suggesting a possible breakout. He thinks ADA is entering a “pre-bull market” and predicts a $10 by 2025 surge, fueled by the impending Midnight airdrop and ETF speculation.
Read More: Cardano (ADA) Price Consolidation and Whale Activity Signals Potential Breakout
