Cardano (ADA) has seen a significant 52% price increase over the last week, yet it has encountered a 5% pullback recently. Indicators like ADX and whale activities suggest that while the uptrend continues, its momentum could be waning.
The Average Directional Index (ADX) for ADA, a crucial trend strength indicator, has decreased from 70 to 45.02, signifying reduced momentum. Although the ADA price is still on an uptrend, this decrease suggests caution as the pace may be slowing amidst potential resistance.
The number of large ADA holders, known as whales, with holdings between 1,000,000 and 10,000,000 ADA, has slightly increased. This activity signals a pause in recent accumulation, indicating possible price consolidation before another significant move.
Technically, ADA's EMA lines show a bullish setup with short-term EMAs above long-term ones, but the price has dipped below the shortest EMA line, indicating possible trend weakening. Resistance could be tested at $0.62 and $0.67, with potential to reach $0.80 if the uptrend continues.
If bullish momentum fails and the trend reverses, ADA may face support around $0.47 and possibly as low as $0.41, reflecting the impact of technical and whale activity signals.
