The post Cardano Price Tests Key Support: Is ADA Set to Rebound? appeared on BitcoinEthereumNews.com.
Key Insights: Cardano price revisits its 2-month bottom range, signaling a possible reversal. Assessing whale activity and accumulation signals ahead of a potential bounce back. Cardano network activity reveals a heavy toll from unfavorable market conditions. Will the network recover? Like most cryptocurrencies, Cardano (ADA) price has been stuck in a consolidation zone since February. This means the consolidation trend has extended for almost 2 months. The bears have outpaced the bulls this week, and that was evident in Cardano price action in the last 2 days. The cryptocurrency retreated to a $0.24 press time price tag, which coincidentally marks a major support retest. Cardano price action | Source: TradingView The current ADA price support goes as far back as 2022. Rarely has the price dropped far below the same support in the last 4 years. This meant there was a strong possibility that it could bounce back from this range. The support retest suggests that ADA price might be on the verge of a bullish relief rally. If this is the case, then a 20% rally could be on the cards before it retests the 2-month resistance. Price also threatened to drop lower if the market conditions continued to deteriorate. Will Whale Activity Lend Credence to Cardano Price Reversal Probability? An ADA price bounce back from the current level would require significant accumulation from whales and institutional holders. Interestingly, demand from whales seemed to be making a comeback near recent lows. Large orderbook data showed a solid buy wall near $0.24. According to CoinGlass, the whale cohort executed $31 million in net longs across Binance and OKX perps. However, spot volumes remained relatively low, perhaps because investors were waiting for the bearish momentum to clear out. ADA large order flow data | Source: CoinGlass This means analysts will keep…
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