Cardano (ADA), a prominent blockchain platform, has seen notable price movement recently. Over the past week, ADA has gained 15%, signaling an upward trend in its price. However, despite the positive price performance, whale activity—representing large holders of ADA—remains unchanged. This lack of significant action from whales could mean that ADA is still in a consolidation phase rather than a confirmed uptrend. With its current market cap reaching $29 billion, ADA is positioned well within the cryptocurrency market, but the real test lies ahead.

Cardano’s Recent Price Performance

Over the past seven days, Cardano’s price has increased by more than 15%. This surge is a positive sign after a tough 30-day period where ADA lost 24% of its value. The past 24 hours have also seen ADA rise by more than 4%, with its market volume surging over 100%, reaching $895 million. While this recent momentum is encouraging, it’s important to note that ADA is still facing resistance from major price levels.

Currently, ADA is attempting to bounce back after hitting lower levels in the last few weeks. The coin is now testing its resistance at $0.90, and many are watching closely to see if it can break this barrier. If ADA maintains its upward trajectory, the next target price could be $1.16. However, the ability to hold this newfound momentum will be crucial.

ADA’s ADX Indicator Suggests Growing Momentum

One of the indicators suggesting a shift in momentum for ADA is the ADX (Average Directional Index). The ADX measures the strength of a trend, and ADA’s ADX value has recently increased from 16.2 to 21.7 in just one day. ADX readings between 20 and 25 indicate a developing trend, though it is not yet confirmed as strong. As ADA’s ADX continues to rise, this could point to a stronger bullish move if the value exceeds 25.

For ADA to establish a confirmed uptrend, the ADX needs to continue its rise and signal that the trend has gathered enough momentum. If buying pressure increases, ADA could break through the resistance levels and start pushing toward new price highs. However, if the ADX reverses course and the momentum weakens, ADA may face difficulty sustaining its recent price recovery.

Whale Activity Remains Unchanged

Despite the recent price surge, whale activity surrounding Cardano remains relatively stable. Currently, there are 2,466 addresses holding between 1 million and 10 million ADA tokens. This number has not seen any drastic changes, which suggests that large holders of ADA are not yet accumulating the cryptocurrency aggressively.

Whale activity often plays a significant role in price movement, as large transactions can greatly influence market sentiment. A rise in whale buying can indicate growing confidence in a cryptocurrency, while a stable or decreasing number of whales could mean the market is in a phase of consolidation. In ADA’s case, the lack of whale accumulation could imply that the market is still uncertain about its next big move.

Future Price Predictions for ADA

Looking ahead, Cardano’s price movement will depend largely on two factors: the formation of a golden cross and increased whale participation. If ADA’s short-term moving averages (EMA lines) continue trending upwards and a golden cross forms, it would signal a bullish continuation. This could result in ADA testing resistance at $0.90 and possibly pushing toward the $1.16 level.

On the other hand, if ADA fails to gain strong momentum and loses support, it could fall back to lower levels. A drop below $0.65 could signal further downside, with the possibility of a deeper decline to $0.50, marking a 37% correction from its current level.

In conclusion, while Cardano has shown strong short-term price gains, it is essential to monitor whale activity and other key indicators to determine whether the cryptocurrency can sustain its upward trend. Investors should keep a close eye on both market conditions and ADA’s ability to hold above its critical support levels.