Cardano (ADA) Price Prediction: ADA Bounces 35% Targeting $0.5

Cardano [ADA] prices bounced by 35% from Monday, the 8th of July to Saturday, the 13th of July. This swift price surge can be attributed to an increase in buying from large holders.

Cardano [ADA] prices rose by 35% between Monday, July 8, and Saturday, July 13. This was due to an increase in buying from large holders.

The token’s long-term trend remained bearish, but a nearby psychological resistance level at $0.5 could determine the next move.

If prices closed above $0.5, it could signal a reversal of the bearish trend.

The 1-day price chart showed prices rising above a recent lower high at $0.4235, which was encouraging in the short term.

This signaled a shift in market structure, but it did not guarantee an uptrend.

The former range low and support zone at $0.44-$0.475 acted as a strong resistance zone.

Additionally, there was a bearish order block (red) at the $0.46-$0.5 region. A daily session close above $0.5 would indicate that an uptrend could follow. Until then, buyers should be cautious.

The daily RSI crossed the neutral 50 mark, which was another signal that momentum was shifting bullishly.

The OBV climbed past the lows from two weeks ago, indicating that buying pressure underpinned the recent gains.

In the near term, a retest of the $0.42-$0.43 area could present a buying opportunity targeting $0.46-$0.5.

Whale accumulation increased over the past month

The 30-day change of ADA holding distribution showed that addresses with tokens valued at over $10 million saw a 6.93% increase in the past month.

This supported the notion that whales were accumulating during the token’s steady price bleed over the past few weeks.

Overall, it seemed likely that Cardano might initiate a move upward to $0.5.

A breakout past that level would signify a long-term uptrend which could extend to the $0.57 and $0.68 levels that were significant earlier this year.🎜

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