Cardano Trades above $0.50, Is ADA Ready for a Breakout?

Cardano Trades above $0.50, Is ADA Ready for a Breakout?

The price of Cardano is currently trading slightly above $0.50, but it's been consolidating for the past few days. The ADA coin has been struggling below the resistance level. It attempted to flash a break-out several times but met bear actions each time.

The Cardano price is trading sideways, meaning there's no telling when the cryptocurrency will break out. As the buying strength recovered on ADA's chart, the technical outlook has also turned positive. It has been a tough week for Cardano prices as they lost 2% of their value over the last seven days. The current support levels are around $0.50 to $0.45, respectively.

Still, there's no telling if this will hold since it depends on how much more negative sentiment comes about from people who bought ADA at higher rates than what it is currently trading. Technical indicators show that this cryptocurrency's price could resume its previous momentum if a more positive technical outlook continues.

Buying strength remains crucial for ADA at the moment. A slip below its current trading level will push ADA to $0.45.

Cardano Whales Action

According to data from Santiment, whale addresses holding between 10,000 and 10,000,000 ADA tokens have increased their accumulation over the past few days. Since July 27, whales have added a total of 0.46% of ADA's existing supply to their portfolios, pushing the cumulative value of ADA to over $138 million in just 10 days.

Although the accumulation of whales has increased over the past 10 days, trading activity during that period is still declining. At the time of writing, ADA trading activity has also dropped 47% since a high of $1.1 billion on July 27.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

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