- Cardano (ADA) is consolidating near $0.61 within a triangle pattern, suggesting a potential breakout in either direction soon.
- Whale sell-offs and ETF filings from Grayscale and Tuttle Capital reflect mixed sentiment and growing institutional interest in ADA.
- Despite low volume and bearish EMAs, converging MACD lines hint at a possible bullish shift if buying pressure increases.
Cardano (ADA) has continued to trade in a narrow corridor, with its price consolidating just above the $0.60 level. Market observers are closely watching ADA’s price behavior, as the coin moves within a defined triangle pattern that may soon result in a sharp price shift.
With heightened whale activity and ETF filings generating interest, technical signals suggest a critical move could occur in the coming days. As of press time, ADA traded at $0.6164, showing a slight 0.57% decline over the last 24 hours.
Tight Triangle Formation Suggests Impending Price Shift
Cardano has traded within a symmetrical triangle pattern over recent days. The price bounced between the support near $0.595 and the resistance line approaching $0.63. The triangle’s narrowing range indicates compression, which might lead to an imminent breakout. According to the chart pattern referenced by Ali Charts, the consolidation stage could precede a 30% move in either direction.
Source: X
The current price hovered just above the $0.61 level, and the asset attempted to reclaim strength after hitting a low of $0.595 on April 16. It then climbed to a session high of $0.629 on April 17. Buyers might push for a retest of the upper boundary near $0.63, while sellers could attempt to drag the price below $0.58. A successful breakout above $0.63 might lead ADA toward $0.70, where the 50-day simple moving average resides. If buying pressure increases, price action could extend further to test $0.83.
Conversely, if bears regain control, a breakdown below the $0.58 support level might lead to a decline to the next strong support near $0.50. If this level fails to hold, extended selling could drive ADA lower toward the $0.40 zone. The triangle pattern suggested indecision, but its end would likely trigger increased volatility, with a strong price move expected to follow.
Market Indicators Signal Mixed Momentum
The Relative Strength Index (RSI) read 44.17, meaning that bearish conditions were still in play, but had not reached overbought levels. With this, it proves that ADA could still move on either side depending on trading volume and market sentiment. Current negative momentum is indicated by the Moving Average Convergence Divergence (MACD) at -0.02173. But the lines were converging, and that could signal a possible bullish crossover towards the near term, provided buying turns up.
A bearish trend coincided with the Exponential Moving Averages (EMAs). short-term resistance was at the $0.55 level, bout the 10-day EMA, and was hovering near $0.55. However, sell bias was reflected in most of the moving averages across various timeframes. To see any bullish continuation take place, ADA would have to reclaim the $0.63, and if it managed to close above the 50-day SMA around $0.70 as well.
Trading volumes were subdued, as the low daily trading volume signals a lack of conviction on the part of traders. A sudden spike in activity typically confirms the next directional move and generally precedes volatility, which in turn usually reduces volume. In the short term, the key levels are now defining the way in which ADA’s compression phase progresses, with a break above or below them setting the trend forward.
Institutional Interest and Whale Activity Add to Market Caution
On-chain data showed that whales have played a key role in recent ADA price movements. Ali Charts reported that whales offloaded over 180 million ADA in the past five days. Such selling might have contributed to price weakness and increased market caution. At the same time, the number of large transactions reached a seven-day high of 4,730, showing that big players remain active even during consolidation.
At the same time, there is an increase in institutional interest. Both Grayscale and Tuttle Capital have also either filed for (Grayscale) or already have (Tuttle Capital) standalone ETFs for ADA. These filings include Form 19b4 and S1, which should get Cardano into institutional portfolios by early Q4 2025. Other firms could decide to file additional if the momentum continues. Long-term demand, even if short-term price action is subdued, might be supported by this institutional involvement.
Another rumor that circulated but hadn’t yet been confirmed was a possible Ripple and Cardano cooperation around Ripple’s RLUSD stablecoin. The total value locked (TVL) of Cardano in DeFi was £300 million, which implies moderate utilization of the network. Developer activity continued to be stable, in particular after the release of Node v10.3.1 with the goal of improving the performance and speed.
