Cardano Price Rises as Whales Buy the Dip
Cardano (ADA) price is rising and trades above $0.59 on Monday. The price bounced back from key support last week. On-chain data shows whales are buying more ADA. Social media interest in Cardano is also increasing. Technical indicators hint at the start of a possible bullish trend.
Santiment data reveals that whales holding 1 million to 10 million ADA and those holding 10 million to 100 million ADA bought about 160 million ADA tokens from Thursday to Monday. This shows strong whale accumulation at lower prices.
Cardano’s social dominance, which tracks ADA-related discussions in crypto media, rose from 0.18% on Saturday to 1.29% on Monday. This is the highest level since late September, showing growing investor interest.
CryptoQuant data further supports this positive view. Both spot and futures markets show large whale orders and strong buying activity, signaling possible recovery for ADA.
Cardano Price Forecast: Recovery After Finding Support
Cardano hit a support level around $0.49 on November 4 and then rose about 11% by Sunday. On Monday, ADA price keeps recovering above $0.59. If this continues, ADA could reach the next resistance level at $0.70.
The Relative Strength Index (RSI) on the daily chart is 43 and moving up toward 50, which means bearish pressure is fading. A sustained recovery will need the RSI to rise above 50. The Moving Average Convergence Divergence (MACD) gave a bullish crossover on Sunday. This signals buying momentum and the possible start of an uptrend.
If ADA faces a price drop, it may fall again toward the $0.49 support level.
