Cardano Price Rises After Whale Buying
Cardano (ADA) is trading near $0.43 on Thursday. The price has recovered about 7% this week. Large whale orders and strong buy-side activity are supporting the rise. Positive funding rates also add to the bullish trend. Technical analysis shows ADA may climb above $0.50 soon.
On-Chain and Derivatives Data Show Bullish Signs
Data from CryptoQuant highlights a positive outlook for Cardano. Both spot and futures markets show big whale orders and buying strength. These factors hint at a possible price recovery in the coming days.
Cardano’s funding rates have turned positive. According to Coinglass, more traders expect ADA’s price to rise than fall. The funding rate was 0.0074% on Thursday, meaning long positions pay shorts. Historically, such flips lead to sharp price rallies for ADA.
Cardano Price Forecast: Key Support Holds
Cardano found support near the lower trendline of a falling wedge pattern last Saturday. The price then bounced 9% over four days and now trades around $0.43. If this rally continues, ADA could test resistance at $0.49. Breaking above $0.49 might push the price toward the 50-day EMA near $0.56.
- The Relative Strength Index (RSI) stands at 34 and is turning upward, showing a weakening downtrend.
- The MACD shows a bullish crossover, signaling a potential buy opportunity.
If ADA drops, it could fall to the lower wedge boundary near $0.39.
