Cardano (ADA) is once again drawing investor attention. Despite heavy selling pressure from whales, the price is nearing a key resistance zone. Could a breakout finally happen?
At the time of writing, ADA is trading at $0.58, marking a 6.6% increase over the past week. Its market capitalization has exceeded $21 billion. However, ADA is still down nearly 12% over the last 30 days and remains 50% below its March high of $1.
🔹 Is July a Turning Point?
Analysts believe July could be pivotal for Cardano. If overall market sentiment continues to improve and macroeconomic conditions remain supportive, ADA could break through the $0.70 resistance. A successful push above that level would open the door to a retest of $1.
🔹 New Catalyst: Reeve Platform
On July 8, the Cardano Foundation unveiled Reeve, an enterprise-grade financial reporting platform built on the Cardano blockchain. It enables institutions to publish tamper-proof financial data directly on-chain, providing a transparent and auditable solution that integrates with existing accounting systems.
This enterprise-focused innovation could attract new institutional investors and strengthen Cardano's narrative beyond DeFi and staking.
🔹 Technical Setup: Falling Wedge Signals Bullish Momentum
On the daily chart, ADA has formed a falling wedge, a pattern often indicating an upcoming trend reversal. Momentum indicators like MACD and RSI are starting to rise, signaling a shift from selling to buying pressure.
A confirmed breakout above the wedge’s upper boundary at $0.6053 would be a bullish trigger, with $0.73 as the next key resistance — representing a potential 26% rally from current levels.
Conversely, failure to hold the critical $0.54 support zone could invalidate the bullish setup and send ADA toward $0.50 or even $0.44, near the base of the wedge, where stronger buying interest may return.
🔹 Whale Pressure Remains
Data from Santiment shows that whale wallets offloaded over 170 million ADA in the past two weeks. This significant outflow could indicate reduced confidence among large holders and suggest continued short-term weakness, acting as a headwind for any sustainable rally.
If bulls fail to reclaim $0.73 as support, a move toward $1 in the near term seems unlikely.
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