Cardano (ADA) Consolidates Near $0.70 as Analysts See $1 Recovery Fueled by Whale Buying | Bitcoinist.com
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Cardano (ADA) is holding steady below $0.70 after a volatile start to October, as mixed...
content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Cardano (ADA) is holding steady below $0.70 after a volatile start to October, as mixed whale activity and shifting ETF sentiment shape the near-term outlook.
Despite reports of major holders unloading hundreds of millions of ADA, other large investors appear to be buying the dip, signaling renewed confidence ahead of the October 23 Grayscale ADA ETF decision and next month’s Cardano Summit in Berlin.
Whales Return as Analysts Target $1 Recovery
After falling from $0.80 during the broader crypto correction, ADA has entered a consolidation range between $0.65 and $0.70.
On-chain data reveals conflicting whale behavior, some large holders sold over 350 million ADA in a week, while others accumulated 140–200 million tokens worth roughly $100–$140 million. The renewed buying helped ADA rebound by more than 2% in 24 hours, lifting it back toward the key $0.70 level.
Crypto analyst MMBTrader said ADA continues to defend higher-timeframe support and could be “ready for its next leg up past $1.”
Similarly, market strategist Javon Marks projected that once ADA breaks through near-term resistance at $0.74–$0.80, momentum could accelerate toward $1.20–$1.60, with extensions to $2 possible if sentiment strengthens.
$0.74 Cardano (ADA) Resistance in Focus
On the 4-hour chart, Cardano is shaping a falling wedge pattern, a structure often preceding bullish reversals. Immediate support rests at $0.65, while $0.74 acts as the first major resistance. A decisive breakout above $0.74 could trigger moves toward $0.80–$0.86, aligning with the 50-day exponential moving average.
ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
Technical indicators show mixed signals as the RSI at 37 suggests ADA is approaching oversold territory, while Chaikin Money Flow (CMF) at over 0.13 hints at light inflows returning. Analysts warn that failure to hold $0.65 may open a retest of $0.60–$0.62, last seen during June’s correction.
Ecosystem Growth and Institutional Watch
Beyond ADA price action, Cardano’s fundamentals continue to develop. The network’s DeFi TVL remains subdued at $288 million, but new staking options through eToro’s U.S. launch and ongoing ecosystem projects like Midnight and Leios have drawn optimism from long-term investors.
With ETF speculation, whale accumulation, and growing institutional accessibility, analysts argue that ADA may be building a base for recovery into Q4. A clear move above $0.74 could confirm a bullish reversal and set the stage for a test of the $1 mark, while failure to defend $0.65 would extend consolidation.
Cover image from ChatGPT, ADAUSD chart from Tradingview
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