TLDR
- Cardano trades around $0.85 after 7% correction driven by profit-taking activity
- Whales accumulated 20+ million ADA tokens in 24 hours, showing institutional confidence
- Key support established at $0.82-$0.88 range with resistance at $0.95-$0.97
- Technical analysis targets $1.15 and $1.25 if ADA breaks above current resistance
- Mixed sentiment with bearish short-term indicators but bullish whale activity
Cardano price has experienced mixed signals this week, currently trading near $0.85 following a correction exceeding 7% over two days. The pullback stems from profit-taking activity as holders cash out gains, creating temporary downward pressure.
Despite short-term headwinds, ADA has established a strong foundation between $0.86 and $0.90. This support zone has been tested multiple times, with buyers consistently stepping in during declines. The cryptocurrency maintains a market capitalization near $33 billion.
On-chain data reveals whale activity on September 13th, with large holders accumulating over 20 million ADA tokens in 24 hours. This represents the strongest single-day accumulation in recent weeks, demonstrating institutional confidence in ADA’s long-term prospects.
The whale accumulation occurred near current support levels, reinforcing the technical base formation. Large holder positioning typically coincides with price turning points and provides both liquidity support and reduced selling pressure.
Market Sentiment Shows Mixed Signals
Santiment’s Network Realized Profit/Loss metric indicates active profit-taking among Cardano holders. The indicator reached its highest level since late July on Monday, showing holders are realizing gains and contributing to selling pressure.
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The Relative Strength Index currently reads 49, falling below neutral territory and suggesting early bearish momentum. Moving Average Convergence Divergence lines are converging toward a potential bearish crossover, which could support further downside.
Volume analysis shows improving participation during recent sessions, indicating dips are attracting buyers. This constructive sign suggests underlying demand remains healthy despite surface-level weakness.
Technical Analysis Reveals Critical Levels
Technical structure shows a buy wall around $0.88 providing solid support. This level aligns with the broader base ADA has constructed over recent weeks, where buyers have consistently emerged.
Resistance appears concentrated near $0.97, creating a sell wall that price must overcome. Volume data indicates active interest around these levels, with liquidity clusters defining the current trading range.
The 61.8% Fibonacci retracement level sits at $0.82, representing critical support. A close below this threshold could trigger extended declines toward $0.76, invalidating the current bullish structure.
If ADA maintains support around $0.84, recovery potential exists toward the August 14 high of $1.02. Price broke above $0.84 on September 8 and rallied 9% over five days before the recent correction.
Cardano Price Prediction
Analysts identify $1.15 and $1.25 as primary resistance targets if Cardano breaks above $0.95. These levels correspond with previous supply zones visible on higher timeframe charts.
The path higher requires ADA to reclaim $0.92 and establish support above $0.95. Success at these levels would open the psychological $1.00 barrier and create momentum toward higher targets.
Current whale accumulation provides fundamental support for bullish scenarios. Large holders adding positions near support suggests confidence in ADA’s ability to recover and advance.
Short-term price action depends on maintaining support above $0.82. Failure at this level would negate the bullish outlook and potentially trigger deeper corrections toward $0.76.
The balance between profit-taking pressure and whale accumulation will determine ADA’s next directional move in coming sessions.
