Cardano (ADA) rallies near $0.70 as analysts see $1 recovery seen on bullish buying
Cardano (ADA) is holding steady below $0.70 after a volatile start to October, as mixed whale activity and changing sentiment are baking the near-term outlook.
Despite reports of major holders loading hundreds of millions of ADAs, some large investors seem to be buying the dip, signaling renewed confidence ahead of Cardano’s next Cardano conference in Berlin.
The whales are coming back as analysts are aiming for a recovery of $1
After falling from $0.80 during the broader crypto correction, Ada entered a consolidation range between $0.65 and $0.70.
On-chain data reveals a conflicting whale performance, some major owners sold more than 350 million ada in a week, while others collected 140-200 million tokens that collected about $100-$140 million. The renewed buying helped Ada recover more than 2% in 24 hours, lifting it back to the Key $0.70 level.
Crypto Analyst Mmbtrader said Ada continues to defend high-term support and could be “ready for its next leg of $1.”
Similarly, Mark Strategist Javon Marks revealed that if Ada breaks through near-term resistance at $0.74-$0.80, momentum can accelerate towards $1.20-$1.60, with extensions taking place.
Resistance to Cardano (ada) is highly concentrated
On the four-hour chart, Cardano formed a falling wedge pattern, a structure that often outperforms tactical reversals. Immediate support rests at $0.65, while $0.74 serves as the first major resistance. A decisive break above $0.74 could create a move to $0.80-$0.86, in line with the 50-day moving average.
ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
Technical indicators show mixed signals as the RSI at 37 suggests that ADA is approaching the Oversold territory, while chaikin money flows (CMF) with hints above 0.13 in the light maturity. Analysts warn that the failure to hold $ 0.65 could open arrears of $ 0.60-$ 0.62, the last seen during the correction in June.
Ecosystem Growth and Institutional Watch
Despite the ADA price action, Cardano’s fundamentals continue to improve. The defi TVL of the network remains divided by $ 288 million, but the new options of binding through Etoro’s US projects and the Ecosystem of midnight projects and leii have attracted long-term investors.
With ETF speculation, whale accumulation, and growing institutional access, analysts say Ada may be building a base for a correction in Q4. A clear move above $0.74 can confirm a bullish pullback and set up a testing phase of the $1 mark, while failure to defend $0.65 can extend consolidation.
Cover image from Chatgpt, Adausd chart from trading
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