TLDR
- Cardano price has recovered above $0.70, forming a Golden Cross pattern
- Whale wallets now hold 35.5% of ADA supply, showing strong accumulation
- ADA ETF approval odds have jumped to 51% following SEC leadership changes
- Price has gained more than 12% over the past seven days
- Technical indicators suggest potential for movement toward $0.88-$1.00
Cardano (ADA) has shown impressive recovery signs in recent days, climbing above the $0.70 mark for the first time since March 2025. This price movement has given traders renewed optimism about potential future gains, with many analysts eyeing a possible rally toward the $1 threshold.
The cryptocurrency has gained more than 12% over the past seven days, with trading volume rising by 33% in just 24 hours to reach $723 million. This increased volume suggests buyers are becoming more active as Cardano works to overcome key resistance barriers between $0.7150 and $0.7200.
Currently trading around $0.7088, ADA continues its recovery from the recent low of $0.6500. Technical analysis shows the formation of a Golden Cross on the 4-hour chart, strengthening the bullish outlook. Following this crossover, the price rose sharply and has been trading above the 50-period SMA, which has now become a support level.
The price action has also formed higher highs and higher lows, another positive sign for potential continued upward movement. On the daily chart, ADA broke out of a falling wedge pattern, which typically signals a potential price breakout to the upside.
Whale Accumulation Drives Confidence
Large Cardano holders have been steadily increasing their ADA holdings in recent months. Data shows that wallets holding between 10 million and 100 million ADA now control 35.5% of the total supply, up from 33% in January.
Wallets with 1 million to 10 million ADA have also grown their share to 15.83% of the supply. This whale accumulation is often viewed as a positive indicator, suggesting that large investors anticipate future price appreciation.
The increased accumulation activity comes after the reveal of backing for Ripple’s XRP, which appears to have had a positive effect on investor sentiment across several altcoins, including Cardano.
According to crypto analyst Ali Charts, Cardano price is approaching a major test at the $0.74 level. A breakout above this resistance could open the path for a move toward $0.88. However, if the price fails to break above current resistance levels, it could retreat to around $0.6800.
#Cardano $ADA is approaching a major test at $0.74. A breakout above this level could pave the way for a move toward $0.88. pic.twitter.com/dAlrlArwXX
— Ali (@ali_charts) April 28, 2025
An upward breakout above the upper Bollinger Band at approximately $0.77 to $0.78 could trigger further upward momentum toward $0.88. If Cardano clears this region, it would confirm the bullish signal highlighted by the Golden Cross formation.
ETF Speculation Builds Momentum
Speculation about a potential spot ADA ETF has been gaining momentum in recent weeks. Following the appointment of Paul Atkins as the new chair of the Securities and Exchange Commission (SEC), expectations for ETF approvals have increased across the cryptocurrency market.
Polymarket data shows the probability of an ADA ETF being approved this year has jumped to 51%, adding further fuel to the bullish sentiment surrounding Cardano.
ADA Futures open interest has increased by nearly 1.5% intraday, reaching $796.15 million. The derivatives volume for the coin saw a 22.5% increase to $1.56 billion, indicating growing interest in the trading community.
On a larger timeframe, Cardano price is moving within a falling channel formed in the first half of 2025. The price has reversed from the channel bottom and is currently moving toward the midway and upper edge of the channel.
The Money Flow Index (MFI) currently sits at 55.33, which indicates a neutral to slightly bullish sentiment. The MFI is neither overbought nor oversold, suggesting there is still potential for rising ADA prices if the bullish undertone persists.
According to the charts, resistance levels are around $0.70 to $0.72, with further support at the lower border of the channel at $0.55 to $0.57. If resistance levels hold firm, Cardano could revisit lower support levels before attempting another breakout.
As of now, ADA is testing the 200-day Exponential Moving Average (EMA), a key technical indicator. A successful break above this level could accelerate the rally toward $1 in the short term.
The Parabolic Stop And Reverse (SAR) indicator shows dots positioned below the price, indicating solid support for continued upward movement. Additionally, ADA has breached the 0.618 Fibonacci level, which typically signals strong bullish momentum.
If Cardano maintains its current strength, analysts believe it could extend its rally to $0.94 in the near term. However, a breakdown below the golden pocket ratio could see the price decline to $0.53, which would invalidate the current bullish outlook.
The most recent data suggests Cardano is trading at $0.7088, showing a daily gain of 2.04%.
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