Cardano (ADA) Moving Sideways. Are Signs of a Bullish Turn Emerging?
Over the past four days, the price of Cardano (ADA) has been trading within a narrow range between US$0.60 and US$0.64.
This movement reflects a market that is seeking direction, with technical indicators showing a mix of weak trend strength and early signs of potential bullish momentum.
ADX Indicator Signals Weak Trend
According to information cited from BeInCrypto, the Average Directional Index (ADX) for ADA currently stands at 16.66, after previously dropping from 28.35 to 12 over the past few days.
Although there has been a slight recovery, this low ADX value suggests that the current trend remains weak and lacks significant strength.
However, the slight increase in the ADX may indicate that momentum is beginning to build again.
Whale Activity and EMA Suggest a Potential Breakout
The number of whale wallets holding between 1 million and 10 million ADA increased to 2,417 before stabilizing, indicating cautious accumulation.
In addition, the short-term Exponential Moving Average (EMA) line has started to slope upward, which could be an early signal of a potential price breakout to the upside.
Key Resistance and Support Levels
If ADA manages to break through the resistance at US$0.64, there is potential for the price to rise toward US$0.70 or higher.
On the other hand, if it fails to maintain support at US$0.59, the price risks falling to the US$0.51 level.
The next price movement will largely depend on whether ADA can break out of its current consolidation pattern.
