Cardano price is hovering below the $0.70 mark, with market uncertainty and whale activity dampening recovery efforts.
Summary
- Cardano price trades below $0.70 after a post-crash decline from $0.80.
- Whales have dumped 350 million ADA in the past week.
- ETF approval odds have dropped to 75% ahead of Grayscale’s ADA ETF deadline on Oct 23.
- ADA has support around $0.65 and could climb to $0.75-$0.80 if buying pressure increases.
Cardano has been caught in a consolidation phase since the Oct. 10 crash, which saw its price plunge from the $0.80 region. At press time, ADA is trading around $0.66, per crypto.news data. The stagnation in Cardano’s price is attributed to a mix of bearish market sentiment and significant whale activity, which has added pressure on the altcoin.
On-chain data reveals that whales have offloaded a substantial amount of ADA (ADA), around 350 million, in the past week alone. This large-scale sell-off has contributed to the notable price drop, as major holders appear to be locking in profits amid concerns of further downside in the near term.
In addition, optimism surrounding the potential approval of a Cardano ETF is waning. Polymarket data shows that the odds of approval for an exchange-traded fund tracking ADA have fallen to 75%, down from a recent peak above 87%, likely contributing to the pressure on price.
Despite the dip in confidence, the broader crypto community remains focused on the upcoming October 23 deadline for Grayscale’s ADA ETF, hoping for a favorable decision.
Cardano price recovery depends on critical resistance
At its current price level, ADA is testing key support around $0.65. On the upside, the price is struggling to break past the $0.70 resistance level, which has become a critical barrier to further upward movement.
Technical indicators reflect a continued bearish sentiment in the market. The Relative Strength Index (RSI) sits at 37.14, signaling that ADA is nearing oversold territory, which suggests weak buying pressure. Although the Chaikin Money Flow (CMF) stands at +0.13, indicating some minor capital inflows, it has not proven enough to confirm sustained bullish momentum.
For recovery to take place, Cardano price needs to break through the $0.70 resistance with increasing volume. If it manages to do so, it could test the $0.75-$0.80 region. However, any further decline below $0.66 could signal continued downside pressure for the token.
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