ADA Price Analysis: Cardano Holds Up in Price Despite Market Dip, 2.5 Million ADA Bought by Top Whale

• Cardano remains the only asset to trade in green
• At the time of writing, ADA was trading at $0.64
• A BNB whale, “HumpbackWhale0285,” recently bought 2,499,999 ADA valued at $1,608,069

Cardano remains the only asset to trade in green as the crypto market witnesses another round of declines. At the time of writing, ADA was trading at $0.649, up 3.17% in the last 24 hours. According to WhaleStats, the BNB whale “HumpbackWhale0285” recently bought 2,499,999 ADA valued at $1,608,069. Cardano has reached a new milestone as the number of projects building on the platform has exceeded the 1,000 mark. According to recent data shared by Cardano’s parent company, IOHK, the number of projects building has reached 1,003, up from 992 earlier. Input-Output, the developer of the Cardano blockchain, is in the final stretches of preparations for its upcoming hard fork combinator (HFC) event called “Vasil.” The upgrade is expected to substantially improve the Plutus smart contract platform.

Key Levels
Resistance Levels: $1.00, $0.830, $0.746
Support Levels: $0.563, $0.500, $0.445

ADA/USD Daily Chart: Bearish

ADA/USD Daily Chart

The attempt by ADA/USD to strengthen against the bears has gained pace around the moving average (MA 50) barrier at $0.70, with the pair gaining traction after finding support near the $0.536 prior day low level. To balance the overall sentiment, the ADA/USD pair must break through the $0.70 resistance level.

The bearish bias in the ADA/USD might have ended around the horizontal support at $0.384, May lows, and its recent rebound might continue higher, according to a medium-to-long-term forecast. Despite the daily moving averages (MA 50) showing downward momentum in the bearish region, the relative strength index (RSI) has returned above its midline of 50.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

The pair’s current break above the 4-hour moving averages (MA 50 and MA 200) might be linked to a short-term rebound during its downturn. The intraday bias for the ADA/USD remains positive, and the support remains unbroken at $0.613. On the plus side, a break of the $0.70 level might extend the rebound from a recent low of $0.384.

Trading over the short-term moving average of 50 (now at $0.59) lays the scenario for a return to the next resistance at $0.921. On the downside, a violation of the $0.536 level might trigger a resumption of the slide from the $1.0 level. If the pair manages to break through resistance levels and surge higher, it will instantly run into the horizontal line’s barrier at $0.746.

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