As ADA Price Consolidates Near $0.65 Support, Whales Buy the Dip

As the Cardano (ADA) price continues to consolidate near a crucial support level of $0.65, whales and investors appear to be capitalizing on this opportunity.

The price of Cardano (ADA) has come under pressure in recent days as it continues to consolidate near a crucial support level of $0.65. However, despite the recent decline, whales and investors appear to be capitalizing on this opportunity to accumulate ADA tokens.

As reported by a crypto expert on X, formerly Twitter, whales have purchased millions of dollars worth of ADA tokens in the past three days.

This substantial ADA purchase by Whales signals a potential buying opportunity, as the price has dropped significantly in recent days. According to CoinMarketCap data, ADA is currently trading at $0.75, surging over 4% in the past 24 hours.

Moreover, during the same period, the asset’s trading volume surged by 10%, indicating increased participation from traders and investors looking to capitalize on the current price.

According to the expert’s technical analysis, ADA appears bullish as it has broken out of a small consolidation phase that it had been experiencing for the past five days and is currently trading above that zone.

Based on recent price action and historical momentum, if the asset closes a daily candle above the $0.75 level, it will confirm a successful breakout and could soar by 13% to reach $0.85 in the coming days.

Following the breakout, ADA has surged above the 200 Exponential Moving Average (EMA) on the daily timeframe, confirming its uptrend.

However, while the breakout presents a bullish scenario, intraday traders appear to be strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass.

The data revealed that traders are currently over-leveraged at $0.724 on the lower side, with bulls holding $9 million worth of long positions.

Moreover, $0.763 is another over-leveraged position where traders betting on the short side have held $13 million worth of positions.

This data clearly reveals traders’ sentiment despite the breakout.