TLDR
- After showing signs of recovery, Cardano (ADA) was unable to surpass the crucial barrier at $0.70, hitting a wall in its upward journey.
- In March, key players offloaded about 200 million ADA tokens, a move equivalent to $136.7 million, heightening selling pressures.
- There's a mixed bag of signals from technical charts, indicating a struggle with resistance near $0.75 while finding some footing around $0.63.
- Some forecasters are betting on Cardano reaching a long-term peak of $50.48 by late 2025, assuming it adheres to past upward trends.
- ADA finds itself hovering around $0.68, down roughly 7.87% over the last week, indicating a continuing slide.
Cardano (ADA) has been navigating a downward spiral, stuck around the $0.68 range. Attempts to breach the $0.70 line have faltered, and while trying to stabilize close to $0.65, there's looming risk of further dips.
Initially, ADA bounced back from the $0.6350 range, mimicking the movements seen in Bitcoin and Ethereum, but got obstructed by firm selling once it hit past $0.70.
The price achieved a notable high at $0.7090 before giving up most of those gains. This downturn saw ADA break below $0.650, shattering a positive trend line anchored at $0.6720 on the hourly scale.
As it stands, ADA is below $0.680, also trailing its 100-hourly moving average. It may hit resistance at the $0.6720 zone, with its first significant challenge looming at $0.6950 and following that, $0.700.
A close above $0.70 could pave the way for an energetic advance, potentially pushing ADA towards the $0.7420 vicinity, with prospects of further ascent to $0.7650 shortly.
Whale Activity Raises Concerns
A significant driver of Cardano’s recent price slides seems to be strategic selling by giant stakeholders. Expert Ali Martinez reports that nearly 200 million ADA, worth about $136.7 million, were offloaded by large wallets throughout March.
This heavy selloff aligns with the over 20% drop Cardano faced during the first quarter of 2025, coinciding with ADA's struggles against the $0.70 ceiling.
Whales sold nearly 200 million #Cardano $ADA shown by data from as March progressed, @santimentfeed ! pic.twitter.com/mYxm1LdSkI
— Ali (@ali_charts) April 1, 2025
Since November, Cardano has exhibited clear price behavior, characterized by peaks and subsequent short-term corrections. Post reaching a peak at $1.165 on March 2, ADA hasn't managed to climb higher, cementing a barrier close to $0.7799.
The technical scene remains uncertain, with a moving average crossover hinting at a potential 'dead cross,' a harbinger of continued bearish trends.
Support and Resistance Levels
Investors and traders are vigilantly monitoring pivotal price points that could dictate ADA's forthcoming moves. The immediate support lies at $0.63, and breaching it might deepen declines or potentially reverse should the price rebound after retesting this support line.
Should Cardano dip below this support, the next band to watch out for sits between $0.60 and $0.61, with any drop beneath $0.63 leaning towards bearish sentiment, possibly challenging these lower benchmarks.
On the flip side, to regain a bullish stride, Cardano needs to surpass key resistance markers. The daily moving averages stationed at $0.73 (200-day) and $0.75 (50-day) form critical obstacles.
The Relative Strength Index (RSI) is at 46.27, under the neutral 50, signaling that ADA hasn't definitively entered bullish territory yet. Nonetheless, it might be inching towards positive momentum if buying heats up.
At present, the MACD indicator paints a bearish picture, with the MACD line trailing below the signal line. Yet signs suggest waning bearish strength, with an increasing count of green bars in the histogram.
The outlook for the long haul remains optimistic.
Despite ADA’s downturn, some analysts envision a bright future ahead. for Cardano Insights from TradingView suggest ADA has been tracing a long-term ascending track, positively correlated with historical price upswings.
a resurgence similar to a past pattern, which ranged from $0.20 to beyond $2.70 during 2021. If history replicates, some experts project ADA might touch $50.48 by late 2025. ADA Short-term forecasts postulate that ADA could continue its current pricing corridor from $0.63 to $0.75. A breach past the $0.75 resistance might herald a more robust upward push, with targets around $1 set for the near future.
Conversely, others flag caution, noting Cardano stands at a crucial pivot point. Failing to fortify the $0.70 to $0.80 support could trigger deeper drops, with some warning it might retest the $0.30 zone if the pullback worsens.
ADA’s value holds a tad above $0.68, reflecting a modest 0.90% boost over the last day. Yet, with a 7.87% decline over the past week, the struggle to counteract the downward drive continues.
Maisie, a seasoned journalist in Crypto & Financial domains, has contributed to outlets like Moneycheck.com, level-up-casino-app.com, and Computing.net, and is the Editor in Chief at Blockfresh.com.
