Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA

Cardano price has remained above $0.57 following a slight pullback after its previous bullish run. The cryptocurrency rebounded from a key support level last week, signaling potential upward momentum. On-chain data shows that stakeholders have added $204 million in ADA, reflecting growing confidence. 

The technical indicators indicate that the bearish pressure is decreasing, which may be the start of a bullish reversal. ADA has increased more than 7 in the last one week. The price has also passed through a long-term downward trendline, and the price is moving steadily up with a near-term target of $0.60-$0.70.

There is a recovery trend in the crypto market due to the speculation of the end of the U.S. government shutdown in the near future. The traders are becoming confident enough in that Bitcoin will hit the $105,000 mark. 

With a solution increasingly likely, the market participants are optimistic that the shutdown could be brought to an end, which would make the bigger economy, including the cryptocurrency industry, thrive.

Cardano Whales and Sharks Accumulate $204M in ADA

The major stakeholders in Cardano have been acquiring a lot of holdings after the coin declined in price to less than 50% last week. In the last four days, whales and sharks, which are large investors, have accumulated a lot of ADA.

They have collected a total of 348 million ADA, and this is worth about $204.3 million. This is close to 1% of the total supply of ADA, indicating high confidence in the asset since its price is expected to move up and gain the $0.60 point once again.

The data indicates a significant rise in the percentage of ADA vested in wallets with 100,000 to 100 million coins. This pattern is indicative of a wider build-up of ADA by major market players that are seemingly to be hedging themselves against a future price spike.

Will ADA Price Break Through $0.7? Key Price Levels to Watch

At the time of writing, the ADA price climbed at $0.5788, showing a 0.50% gain. This comes after a period of sideways movement between significant support and resistance levels. 

The MACD is giving a slight bullish crossover, though the momentum is weak as suggested by the small histogram. In the meantime, the RSI is at 56.89, implying that ADA is in a very nearly neutral position but can still be considered in the healthy area before turning overbought.

A breakout above $0.60 could lead to further upside, potentially testing the $0.65 resistance, followed by the $0.70 level. However, if the Cardano price fails to hold above $0.55, a decline toward $0.50 could be in play, making that level a critical support zone.