The Eve of the Cardano Collapse! Whales are Frenziedly Purchasing, Why is ADA Still Stuck at $0.67?

Despite attracting a large number of whales who accumulated $283 million worth of ADA in April, Cardano (ADA) remains consolidated around the $0.67 mark. What market forces are hidden behind this? Analysts believe that ADA's current price pattern indicates that a breakout is imminent!

In the past few weeks, large investors holding ADA have steadily increased their holdings by 410 million ADA, showing strategic buying in the market. However, market volatility is low, with prices oscillating repeatedly between $0.67 and $0.70, lacking strong buying pressure. Nevertheless, as leveraged positions gradually balance, the market seems to be preparing for a significant breakout.

Technical charts show that ADA is forming a symmetrical triangle pattern, with a breakout expected around May 8 to 9. A price breakout above $0.70 could lead to a short-term rise, targeting a price range of $0.76 to $0.78. However, if it falls below the $0.67 support, it may retrace to lower levels.

In summary, Cardano is undergoing a critical 'compression period,' and the tug-of-war between bulls and bears is about to unfold, which will determine ADA's future trend!