Cardano ($ADA ) is once again in the spotlight as it edges closer to a major resistance zone. Despite persistent selling from large holders, bullish momentum is building, and investors are closely watching whether ADA can break above $0.70 and set its sights on the coveted $1 mark.

📊 Market Snapshot

ADA is currently trading at $0.58, showing a 6.6% gain over the past week. Its market capitalization has climbed to over $21 billion. However, ADA is still down nearly 12% over the past 30 days and remains 50% below its March peak of $1.

🔍 Is July the Breakout Month for Cardano?

Market analysts are eyeing July as a potential turning point for ADA. Should favorable macroeconomic conditions persist and investor sentiment improve, a breakout above the $0.70 resistance could set the stage for a rally toward $1—a critical psychological and technical threshold.

🛠 Reeve Platform: A New Institutional Catalyst

On July 8, the Cardano Foundation unveiled Reeve, a powerful financial reporting platform designed for institutional use. Built on the Cardano blockchain, Reeve enables businesses to publish tamper-proof, on-chain financial records that integrate with existing accounting systems.

This development positions Cardano as a serious contender in the enterprise blockchain space, potentially increasing its appeal well beyond DeFi and staking applications.

📈 Technical Analysis: Bullish Wedge Formation

ADA’s daily chart shows a falling wedge pattern—typically a bullish reversal signal. Key indicators such as the MACD and RSI are turning positive, signaling increasing buying pressure.

A breakout above $0.6053 would confirm the wedge pattern, targeting the next resistance at $0.73—about 26% higher than current levels.

However, failure to hold support at $0.54 could negate the bullish outlook, risking a drop to the $0.50–$0.44 zone.

🐋 Whale Activity: A Cause for Caution

Data from Santiment reveals that whale wallets have sold over 170 million ADA in the last two weeks. This selling pressure from large holders introduces uncertainty and could dampen short-term bullish momentum.

To sustain upward movement, ADA must break and hold above $0.73 as a support level. Without this, a push toward $1 may remain out of reach in the near term.

📢 Final Thoughts

Cardano is showing signs of strength with bullish technical signals and a major new platform launch in Reeve. Yet, challenges remain—particularly resistance at key price levels and ongoing whale selling.

As always, investors should weigh both technical patterns and fundamental developments when evaluating ADA’s next move.

Disclaimer:

This content is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments are inherently risky and can result in significant losses. Always conduct thorough research and consult a qualified advisor before making investment decisions.

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