Cardano (ADA) experienced a dramatic surge of 193.65% in the past month, yet recent indicators, including a decline in the Average Directional Index (ADX), suggest that this bullish momentum may be fading. The ADX fell from over 60 to about 45, indicating weakened trend strength despite the ongoing uptrend.
Crucially, whale accumulation has stabilized, with wallets holding between 10,000,000 and 100,000,000 ADA remaining consistent. This implies a neutral to bullish sentiment among large holders. Their accumulation patterns can significantly impact market trends, potentially stabilizing prices unless major buying or selling activities occur.
The position of Cardano's EMA lines supports a bullish outlook, yet the close proximity of the current price to short-term lines hints at weakening momentum. ADA's price is at a critical threshold, where it may either rebound or face a downturn if pressure mounts.
Should bullish momentum regain strength, ADA might re-test levels above $1.155, reaching its highest since 2021. However, if bearish trends prevail, ADA could fall to $0.519, marking a potential 48% correction.
