Cardano Price Prediction: How Whales Could Transform ADA July Predictions

• Cardano indicated that a bullish structure is beginning to form but the downtrend has not reversed yet.
• Buyers do not need to fear missing out yet, but can wait until the pivot level turns into support.

Cardano [ADA] Gold prices rose by 35% from Monday, July 8 to Saturday, July 13. This rapid rise in prices can be attributed to increased buying by large holders.

The long-term trend for the token is still bearish but the nearby psychological resistance level at $0.5 is likely to be pivotal in the coming days.

This would be a signal that the downtrend has reversed.

Source: ADA/USDT on TradingView

The daily price chart has broken above the recent high of $0.4235, which is encouraging in the short term. It is a sign of a shift in the market structure, but it does not guarantee an uptrend to follow.

The previous low and support zone at $0.44-0.475 acted as a strong resistance zone. Additionally, there was a bearish order block (in red) at $0.46-0.5. A daily close above $0.5 would signal a possible uptrend. Until then, buyers should remain cautious.

The daily RSI crossed the neutral 50 level, another sign that momentum is turning higher. The stock’s market cap index also rose above two-week lows, suggesting buying pressure is supporting recent gains.

In the near term, a retest of the 0.42-0.43 area could provide a buying opportunity targeting $0.46-0.5.

Whale accumulations have increased in the past month.

source: In the mass

The 30-day change in ADA holdings distribution showed that addresses holding tokens worth more than $10 million saw a 6.93% increase over the past month.

This reinforced the idea of ​​whales accumulating during the steady price bleeding the coin has seen in recent weeks.

Read Cardano’s book [ADA] Price forecast 2024-2025

Overall, it seems likely that Cardano will start moving upwards to $0.5.

A breakout beyond this level would be a sign of a longer-term uptrend that could extend to the $0.57 and $0.68 levels which were important earlier this year.

Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.