Despite Whale Purchases, Cardano Price (ADA) Has Been Unable to Break Above $0.70 Resistance

According to Santiment’s report, these Whale Wallets are those that contain 10 million to 100 million ADA. The total holding of these investors has increased from 12.47 billion to 12.89 billion ADA.

Santiment's latest report highlights a shift in the collective focus of Cardano (ADA) whale wallets. As per the report by the crypto data firm, these are the investors who hold 10 million to 100 million ADA in their wallets.

Now, as per the report by Santiment, the collective holding of these investors has risen from 12.47 billion to 12.89 billion ADA. This clearly shows that whales are investing with a long-term vision in the crypto.

However, despite such a large purchase by these big investors, ADA Price has not been able to cross the main level of $0.70 in the last five weeks. Currently, the token is trading around $0.68, which is slightly below the previous support level of $0.70.

Cardano price breakout did not happen even after big purchases by whales

Although there has been a lot of buying by whale investors, ADA Price has not been able to cross the crucial resistance level of $0.70. Currently, Cardano is trading at $0.68 and has been stuck in a tight range for the past five weeks.

ADA recently touched the $0.74 level but immediately fell back to $0.68. If the token makes a strong breakout above $0.74, a rally to $0.80 is possible.

What do technical indicators say

According to data from TradingView, ADA’s Relative Strength Index (RSI) is currently in the positive zone and is at its highest level in the last two months. This indicates that buying pressure is increasing in the market, and the trend can reverse at any time.

If the price falls below $0.66, it can go down to $0.60, which can increase investors’ concerns and weaken bullish hopes. At the same time, a recent big statement has also raised the hopes of investors and users, in which Cardano Founder said that ADA can cross the $10 mark. But it is still important to pay attention to its technical analysis.

Cardano Whale buying gives long-term signals

The constant buying by Cardano Whales shows that they have confidence in the long-term price of ADA. Whale activity often signals a change in trend in the crypto market, and other investors also start making decisions based on this.

This buying is happening at a time when uncertainty prevails across the crypto market. If whale investors are adding ADA Coin to their portfolio, it could be a sign that Cardano may see a boom soon.

The growing interest of whale investors is a positive sign for Cardano, but their purchases alone are not enough to push the price up. Strong momentum and confidence are also needed in the market. If ADA moves above $0.74 in the coming weeks, it could be the beginning of a new uptrend, and if this does not happen, the token may remain stuck in a tight range.