$ADA Cardano (ADA) whales have significantly upped their stakes in June, scooping up a total of around 310 million ADA, fueling speculation around a potential breakout from a tightening triangle pattern โ a development that could be pivotal for ADAโs next directional move .
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๐ Whale Accumulation
Top tiers of holders (100Mโ1B ADA) increased their position by roughly 4.3%, now controlling ~3.15B ADA.
Mega whales (1B+ ADA) boosted holdings by 10%, reaching ~1.97B ADA .
This signals growing confidence among long-term investors, contrasting sharply with the recent dip in speculative retail interest.
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๐ Derivatives Landscape Turning Bearish
Open Interest (OI) on ADA derivatives dropped over 7% to around $852M, suggesting declining bullish bets .
The long/short ratio has slipped below 1 with $1.49M in long positions liquidated versus $460K in shorts, reinforcing a short-term bearish tilt .
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๐ป Triangle Breakdown Underway
ADA appears to be trading within a symmetrical triangle, bounded by:
Resistance trendline connecting highs in March, May, and June.
Support around $0.60, a zone marked by multiple lows over recent months .
Technical indicators:
The MACD shows mixed signals: a recent bullish crossover, but momentum remains flat โ hinting at potential false breaks .
RSI holds below neutral (~46), suggesting the path of least resistance might still be down .
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๐ Upside Scenario: Breakout Above $0.7315
If ADA decisively closes above the triangleโs upper trendline near $0.7315, a bullish breakout could target $0.84, with the next big resistance around that May 23 pivot .
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๐ก๏ธ Downside Caveat: Failure at $0.60
A failure to hold $0.60 support could trigger a decline toward $0.50, aligning with deeper Fibonacci support levels and the lower triangle apex .
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๐ฑ Ecosystem Developments Could Shift Sentiment
Cardinal: a new BitcoinโDeFi protocol launching on Cardano โ bringing BTC assets into Cardanoโs DeFi ecosystem .
