- Cardano continues to consolidate between $0.67 and $0.73, signaling a potential breakout.
- April 30 saw a sharp dip followed by a quick recovery, showing strong buyer presence at lower levels.
- Whales accumulated over 410 million ADA in April, pointing to rising confidence among major holders.
- A falling wedge pattern with bullish divergence suggests ADA may be gearing up for a move toward $1 and beyond.
Cardano (ADA) continues to trade within a narrow consolidation band, signaling a critical moment for the asset’s short-term direction. After weeks of being locked between the $0.67 support and $0.73 resistance levels.
ADA is showing signs of building momentum for a decisive move. Despite multiple bullish attempts to break above the upper boundary, resistance remains firm, yet so does the strong buying interest near $0.67, keeping any downward pressure contained.
April 30 marked a notable spike in volatility, as ADA experienced a sharp intraday dip that was quickly bought up. This swift recovery highlighted the presence of active buyers at lower levels, reaffirming the strength of the underlying support zone. With trading volume holding steady, and even increasing slightly heading into May 3, market watchers believe the stage may be set for a significant breakout.
Adding to the bullish sentiment, on-chain data revealed that whales accumulated over 410 million ADA tokens in April alone. This surge in large-scale accumulation indicates growing confidence among key market players, often seen as a precursor to upward price action.
Cardano (ADA) Targets $1+ as Wedge Pattern Tightens
From a technical standpoint, ADA is currently trading inside a falling wedge pattern on the 3-day chart, a formation typically associated with bullish reversals. Notably, a bullish divergence has emerged between the price and momentum indicators, further strengthening the potential for an upward breakout.
If ADA break above the wedge’s resistance, it could ignite a fresh rally toward key targets at $0.84, $1.00, and $1.18, respectively. These levels represent both psychological milestones and historical resistance zones that traders will be watching closely.
As Cardano tightens within this narrowing range, the market’s focus intensifies. A breakout, whether to the upside or downside, could serve as the catalyst for ADA’s next major trend. For now, all eyes remain on the charts as the battle between bulls and bears continues.
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