- ADA drops 3% to $0.67 while whales buy 410M tokens, setting up a possible price breakout
- Cardano whale accumulation fuels bullish sentiment despite weak altcoin market momentum
- Resistance at $0.77–$0.80 remains key as bulls eye reversal in post-Fed breakout window
last 24 hours. This comes as the crypto market also turns red, with Bitcoin, Ethereum, and XRP facing similar declines following a slow weekend.
Despite the dip, there are signs of possible upside. Crypto analysts point out that large investors accumulated over 410 million ADA in April; a sign some see as bullish. According to Crypto Capital Venture, ADA is in a similar position to previous cycles where it dipped before a strong breakout.
ADA’s Next Technical Hurdles
Cardano is still stuck under an important resistance level. It tried to push higher last week but couldn’t hold above resistance. This $0.67 area is now a support zone to watch; if it holds, a bounce is possible. For a real bullish turn, Cardano needs to decisively break through resistance levels at $0.77 and then $0.80.
What happens next for ADA likely hinges on the broader market, especially upcoming comments from the U.S. Federal Reserve Chair Jerome Powell, as well as possible changes in monetary policy.
Related: BREAKING: Cardano Launching AI Testnet – ADA Price Primed for Rally
If economic news is favorable, ADA could begin a larger breakout, possibly aiming for $1.25 in the longer term.
Still Waiting on Altcoin Season?
Looking at the bigger picture, the market isn’t quite ready for a full-blown altcoin rally yet. The CMC Altcoin Season Index shows the market is still in “Bitcoin Season,” with a current score of 26 (upon 100). That’s better than last month’s 16, but still a long way from the 75 needed to declare “Altcoin Season.”
This means capital continues to flow mainly into Bitcoin. Although altcoins are slowly recovering, momentum remains weak. Analysts suggest Bitcoin dominance could still rise to around 70% before falling again.
Related: ADA’s Most Contentious Vote Yet Proved Its On-Chain Democracy
However, there are positive signs for altcoins building in the background. Global liquidity is also rising, a trend that has supported past crypto bull markets. Combined with mounting pressure for U.S. interest rate cuts, and a neutral-to-bearish market sentiment, several indicators point to a favorable setup for altcoins in the coming months.
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