Cardano ADA Drops Below $1: Can Whales Trigger a Bullish Breakout?

Cardano ADA price drops 7.43%, falling below $1, with a market cap of $32.76 billion.
ADA whales accumulate millions of tokens, increasing buying pressure for a potential breakout.
Analysts highlight $1.10 resistance as critical for ADA to spark a bullish rally.

ADA, the native token of the Cardano blockchain network, has dropped 7.43% in the past 24 hours, falling below $1 after failing to find support. The altcoin has lost 17% in the past month, and traders are wondering about ADA’s direction in the next 24 hours.

Data from CoinMarketCap shows ADA to be trading at $0.9317, ranked ninth with a market cap of $32.76 billion and a 24-hour trading volume of $908 million. After reaching a high of $1.01, ADA dropped to a low of $0.9401.

Analyst Ali Martinez posted on X that ADA whales have accumulated millions of tokens in the last 96 hours, increasing buying pressure. However, to trigger a bullish breakout, ADA needs to break above $1.10.

If ADA breaks above $1 and then reclaims $1.10, the next major resistance is $1.50. Martinez stated that if ADA passes $1.50, a major bullish rally could occur, with new all-time highs for the cryptocurrency.

ADA Technical Analysis

The ADA daily chart below shows ADA attempting to break out of the upper end of the Bollinger Bands a few days ago. This attempt failed, and ADA has fallen to the middle region of the indicator, suggesting increased selling pressure.

Further, the Relative Strength Index (RSI) reads a value of 47.10 which means that the bears have taken over the ADA price trajectory and the chances of the digital asset reclaiming $1.10 are not very high unless whales make a significant move.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.