Key Notes
- Cardano (ADA) whales bought a whopping 190 million ADA in the last 24 hours.
- The nearest resistance is at $0.746, reclaiming which could push ADA toward $0.80 and $0.85.
- ADA broke above the 50-week EMA at $0.668, which is now a key support level .
Cardano (ADA) has seen significant whale accumulation and a promising collaboration with NASA, eyeing a massive price increase if the bulls step in and push prices higher.
According to crypto analyst Ali Martinez, whales have purchased 190 million ADA in the last 24 hours, leading to a 2.24% price increase, pushing ADA to $0.7234 at press time and hitting a daily high of $0.746.
The Relative Strength Index (RSI) reads a value of 47.67 while the gradient of the line suggests a potential retracement if buying pressure weakens. Meanwhile, the Bollinger Bands (BB) show that the nearest resistance is at $0.7869 while another major one is at $1.02.
For future targets, Fibonacci retracement and extension levels map out critical price points. A breakout above $0.746 could push ADA toward $0.80 and $0.85, while a failure to sustain its current gains might see support at $0.705 before testing lower levels.
Double-Top Formation: Bullish and Bearish Cases
On the weekly chart, ADA faces the risk of a significant decline by June, with a potential 45% drop toward $0.39. This bearish outlook is driven by a double-top pattern, a classic reversal signal.
The two peaks, marked at approximately $1.186, indicate strong resistance, with ADA struggling to push higher.
The neckline support at $0.705 serves as a crucial level to watch. A breakdown below this mark could confirm the double-top pattern, increasing the likelihood of a sharp selloff.
Plus, ADA is testing the 50-week exponential moving average (EMA) at $0.668, with the 200-week EMA at $0.545 providing deeper support. A close below these moving averages could accelerate selling pressure and confirm a longer-term bearish trend.
However, if bulls defend the neckline at $0.705, ADA may attempt another breakout, challenging the $1.186 resistance. The market’s response at these levels will determine the direction of ADA’s next major move.
Fundamental Developments
Despite technical concerns, Cardano’s ecosystem continues to grow, with the Cardano Foundation confirming a collaboration with NASA . Frederik Gregaard, CEO of the Cardano Foundation, stated:
“We’re working with NASA on track and trace, data provenance, and satellite data. $ADA can do Merkle Patricia Tries (MPTs); we put the entire Bitcoin protocol on #Cardano. Every single Bitcoin TX is automatically recorded.”
JUST IN: Cardano Foundation CEO Frederik Gregaard says "we're working with NASA on track and trace, data provenance, and satellite data. $ADA can do Merkle Patricia Tries (MPTs); we put the entire Bitcoin protocol on #Cardano . Every single Bitcoin TX is automatically recorded." pic.twitter.com/DirclNCgq8
— Angry Crypto Show (@angrycryptoshow) March 15, 2025
Notably, the SEC dropped its lawsuit against Coinbase exchange, in which the agency mentioned ADA as an unregistered security. Regulatory clarity could benefit the altcoin’s price action while the data from Polymarkets shows that the chances of the approval of a spot Cardano exchange-traded fund (ETF) stands at 66% .
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
