Cardano price prediction: How whales could turn ADA’s July prospects

Cardano hinted at a bullish structure beginning to form but the downtrend was not yet reversed.
Buyers need not FOMO yet but can wait for a pivot level to be flipped to support.

As a researcher with experience in analyzing cryptocurrency markets, I believe Cardano’s [ADA] recent 35% price surge is an encouraging sign for potential buyers. However, the long-term trend remains bearish, and it’s essential to be cautious before jumping into the market.

The price of Cardano (ADA) experienced a notable jump of approximately 35% between July 8 and July 13. This significant price rise can be linked back to heightened purchasing activity by major investors.

Over a prolonged period, the token’s downward trajectory remained evident. However, the immediate resistance level at $0.5 held significant weight and could potentially influence the price action in the near term.

This would be the cue that the bearish trend has reversed

Cardano price prediction: How whales could turn ADA’s July prospects

In simpler terms, the stock’s price on the one-day chart has surpassed its previous low at $0.4235, indicating a potential positive development in the short term. However, this doesn’t necessarily mean that an upward trend is guaranteed to occur. Instead, it may signal a change in market structure.

In simpler terms, the previous price levels hovered around the lower end, and the area between $0.44 and $0.475 served as a challenging resistance zone. Moreover, there was a significant bearish accumulation of orders around $0.46 to $0.5. A daily closing above $0.5 would be an indicator of an upcoming uptrend. Until then, potential buyers need to exercise caution.

The RSI reading for daily prices surpassed the 50-mark threshold, implying a growing bullish trend. Additionally, the On-Balance Volume (OBV) exceeded its two-week-old lows, suggesting that strong buying activity fueled recent price advances.

Within the short term, a revisit to the $0.42-$0.43 price range might present a promising buying chance with potential gains towards $0.46 and $0.5.

Whale accumulation had an uptick in the past month

Cardano price prediction: How whales could turn ADA’s July prospects

Over the past month, there was a 6.93% increase in the distribution of ADA held by addresses with a token value exceeding $10 million.

During the recent weeks, the gradual decline in the token’s price seemed to encourage whales to buy more, strengthening the belief that they were amassing larger holdings.

Read Cardano’s [ADA] Price Prediction 2024-25

Overall, it appeared likely that Cardano might initiate a move upward to $0.5.

Reaching beyond that previous resistance point is a strong indication of a prolonged price increase, potentially reaching the notable prices at $0.57 and $0.68 from earlier in the year.

2024-07-14 18:15

This would be the cue that the bearish trend has reversed

Whale accumulation had an uptick in the past month

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