Crypto ADA Facing Selling Pressure
The cryptocurrency Cardano (ADA) has experienced a challenging week, dropping by over 10% in value. This decline follows a significant market structure change, leading investors to take a bearish stance. However, some encouraging signs are emerging, hinting at a possible recovery on the horizon.
ADA broke below a support level of an uptrend in place since April 7, signaling market weakness and a shift in traders’ sentiment. This shift has triggered a wave of selling, with sellers gradually gaining the upper hand.
Whale Activity and Demand Zone
However, the correction brought ADA back to a key demand zone that had previously acted as support and attracted significant buying interest. Analysis of on-chain data by CryptoQuant revealed that whales had started accumulating large buy orders as ADA approached this demand level.
This surge in whale activity suggests strong investor interest at these levels and could indicate the formation of a base for a trend reversal.
Short-Term Outlook : Price Analysis
Currently, this demand zone is in focus. Buyers seem to have regained control, with ADA up around 3% in the last 24 hours. This could be an early sign of bullish pressure building.
If demand continues to rise, ADA might attempt a rebound. However, the overall long-term trend could still remain bullish, especially if Bitcoin and the rest of the market sustain their positive momentum.
With a Point of Control (POC) and significant liquidity at $0.709, ADA may struggle to reclaim its breached downtrend line above $0.72 to reignite a short-term uptrend.
If it fails to hold above this $0.72 level, ADA could target the next demand zone around $0.62-$0.57.
The 12H RSI has bounced back nicely but has not returned to oversold territory. The Woodies CCI is approaching the zero line, signaling a potential trend reversal and imminent bullish momentum. The upcoming days could be positive for ADA if market conditions align for an uptrend.
In a bullish scenario, ADA could reach as high as $0.83 or $0.97 if it manages to decisively break through the $0.72 level with volume.
The critical question is whether ADA will recover or decline further. The current demand zone is holding for now, but with weak support. Buyers’ inability to seize the available momentum could lead to another wave of selling, while sustained buying, particularly from large wallets, could trigger a final rebound.
The next few days will be crucial in determining ADA’s direction. If the demand zone continues to hold, Cardano could bounce back and erase its heavy losses from the week.
How to Buy Cardano (ADA) on Bitget : Buying Guide
Here are simple steps to purchase ADA on Bitget before a potential uptrend:
- Sign Up on Bitget
Create an account on Bitget’s official website or through the mobile app. Provide your email address and a secure password, then verify your identity by submitting your documents (country, ID, selfie). - Deposit Funds
Log in, go to the “Deposit” section, and choose a payment method (credit/debit card, bank transfer, or crypto deposit). Bitget accepts various options like SEPA, PIX, or UPI depending on your region. - Buy Cardano (ADA)
Click on “Buy Crypto” in the navigation bar. Select “Cardano (ADA)”, choose your currency (e.g., USD, EUR), input the amount (minimum $5 on the spot market), and confirm the purchase.
