The Cardano price has hardly changed in the past week. Nevertheless, the trading volume has risen by almost 28% to $1 billion in the past 24 hours. Despite this increase in activity, the ADA price continues to move within a narrow band. Can we expect an outbreak soon?
Little direction visible according to ADX indicator
The ADX indicator, which measures the strength of a trend, is currently at 16.49. This is almost the same as yesterday’s value. An ADX below 20 indicates a weak or absent trend.
This means that the Cardano price does not have a clear direction at the moment. Buyers and sellers are keeping each other in balance. As a result, the price remains in a consolidation phase. Only when the ADX rises above 20 can there be a clear upward or downward trend.
Number of Cardano whales drops to lowest level since July 2024
The number of Cardano whales fell sharply between March 8 and 18. These are wallets with between 1 million and 10 million ADA. According to data from Santiment, the number of whales fell from 2484 to 2414. That is the lowest level since July 2024.
On March 19, the number of whales rose slightly to 2424. However, this is still below the average of recent weeks.
Whales are important because their purchases or sales often influence the price. Fewer active whales may indicate reluctance among large investors. This may limit the Cardano price movement for the time being.
Important support and resistance levels for ADA price
The technical analysis of Cardano shows that the price is stuck between important price levels. The short and long moving averages (EMAs) are close together. This indicates uncertainty in the market.
If the Cardano price rises, the first resistance is at $0.77. A breakthrough there could lead to a rise towards $1.02. With sufficient buying pressure, even a rise to $1.17 is possible.
If the price drops, there is important support around $0.64. If the price breaks through this level, it could drop further to $0.58. As long as there is no clear direction, there is a good chance that the price will move within this bandwidth.
The Cardano price has been moving sideways for days. Trend strength remains low, whales are less active and there is no clear buying or selling pressure. Although the trading volume has increased, there is no clear direction for the time being. As long as ADA remains within the current price range, patience is needed. A breakthrough above $0.77 or below $0.64 could be the starting point of a new trend.
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