Despite the sales pressure of whales, Ada continues to struggle in his attempt to reclaim the $ 1 level.
According to data from crypto.news, Cardano (ADA) was traded at $ 0.58, which in the past week marked a profit of 6.6% that pushed its market capitalization more than $ 21 billion.
Nevertheless, the broader image remains in the last 30 days mixed with ADA with ADA still by 11.9% and acts almost 50% under the peak of $ 1 from 3 March. While bulls have tried to visit that level several times since then, every effort was eventually failed.
Some market analysts regard July as a potential turning point. With bullish sentiment that slowly returns over the wider crypto market on the way to Q3, attention has shifted to $ 0.70 as the next major resistance level.
A successful outbreak above that zone can open the door for a renewed push to $ 1, especially if macro conditions and liquidity flows continue to improve.
A remarkable catalyst that could support the renewed investor’s interests is the extension of Cardano outside the traditional Defi and the retention of focus.
On July 8, the Cardano Foundation announced Reeve, a new financial reporting platform for Enterprise-Grade built on the Cardano Blockchain. With Reeve, institutions can publish fraud -resistant financial data directly on the chain and offer a transparent and audit -ready solution that integrates with existing accounting systems.
Such entrepreneurial developments can strengthen the fundamental story of Cardano, especially among institutional allocers that view a scalable blockchain infrastructure.
ADA -Price analysis
From a technical point of view, ADA has formed a falling wig pattern on the daily graph, a formation that usually suggests that a trend removal is approaching.
In support of these prospects, momentum indicators such as MacD and RSI both started to go upstairs, which indicates a gradual shift in sentiment from sales to purchasing pressure.
A confirmed outbreak above the top tire of the WIG for $ 0.6053 would be the first bullish trigger. If this takes place, $ 0.73 emerges as the next key resistance, which represents an advantage of 25.8% of the current levels.
Nevertheless, this optimistic scenario depends on Ada who maintains its critical level of support at $ 0.54. The bullish setup can completely destroy a breakdown below this level.
However, not all indicators are in favor of the bulls. Walvisportfeuilles have reportedly discharged more than 170 million ADA over the past two weeks, according to data from Santiment, a movement that suggests that reduced trust in large holders suggests. This kind of smart money outflow usually indicates the expectations of weakness in the short term and can continue to act as a headwind for every short -term rally.
That is why it is unlikely that, unless Bulls succeed in putting control and $ 0.73 back in support, a sustainable step to $ 1 in the short term.
Conversely, if Ada loses its grip on the $ 0.54 support zone, it could cause a deeper withdrawal to $ 0.50 or even restore the wig base in the vicinity of $ 0.44, where a stronger interest rate can ultimately return.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
