Cardano trades in a descending channel with $0.79 as a key breakout level toward $1.14.
Whales bought 180M ADA in one week, signaling strong accumulation during consolidation.
SEC delays ADA ETF decision to October, but community support and sentiment remain strong.
Cardano (ADA) is currently trading at $0.7020 and continues to move within a defined descending channel. After showing strength in April, ADA has entered a consolidation phase that mirrors past accumulation periods. The price action is narrowing, and analysts are monitoring the $0.79 resistance level, which could determine the direction of ADA’s next move.
Technical Setup Shows ADA Nearing Key Breakout Zone
According to analysis prepared by Trend Rider via X, ADA’s oscillator line is nearing a bullish crossover. Historically, similar conditions have occurred before major price movements. At present, the daily chart shows Cardano trading between $0.65 and $0.85, with price action consolidating just below the descending channel’s upper boundary.
ADA was recently rejected at $0.79. This level aligns with the upper trendline of the descending channel. If ADA decisively moves above this level, it may pave the way for a breakout toward higher targets such as $0.83, $0.97, or $1.14.
https://twitter.com/ali_charts/status/1928165193726447847
However, failure to clear this level may keep the price range-bound or push it lower toward $0.60 support. The 200-day moving average around $0.75 is also acting as dynamic resistance. MACD signals remain neutral while the RSI holds near 57, suggesting balanced market conditions.
Whale Activity and ETF Developments Influence Sentiment
According to data shared by Ali Martinez via X, whale addresses holding 10 million to 100 million ADA have accumulated over 180 million tokens in the past week. This behavior is often associated with confidence in longer-term price recovery.
Whale accumulation typically precedes price upswings, especially when paired with technical consolidation. Meanwhile, the SEC has postponed its decision on the proposed Cardano spot ETF by Grayscale until October 26, 2025.
Though the delay may slow institutional momentum, community support for ADA remains strong. As per CoinMarketCap community rankings, ADA ranks second behind Bitcoin in bullish sentiment.
The post Cardano Trades in Descending Channel, $0.79 Breakout Level Could Trigger Move Toward $1.14 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
