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Whales Scoop 180M ADA as eToro Relists — Price Spike Next?
Key Notes
Cardano
ADA $0.71
24h volatility: 3.3%
Market cap: $25.55 B
Vol. 24h: $547.02 M
is currently trading at $0.751, showing no notable movement over the last 24 hours. While the price remains stagnant in the short term, analysts express strong confidence in ADA’s long-term potential.
Crypto analyst Dan Gambardello recently noted Cardano’s tendency to undergo extended consolidation phases before experiencing sharp rallies. According to him, the current 176-day consolidation closely mirrors ADA’s historical average of 179 days prior to breakouts.
Gambardello suggests that Cardano is now in a “pre-bull market” phase, setting the stage for a major uptrend. He predicts ADA could hit $10 by 2025, citing the upcoming Midnight airdrop, which targets over 37 million users, and speculation around a future Cardano ETF.
Meanwhile, on-chain data reveals that large investors have purchased over 180 million ADA, worth around $135 million, in just the past week.
This spike in accumulation also follows eToro’s May 28 announcement that it is relisting ADA on its U.S. platform. ADA was previously delisted in 2021.
Ada price outlook
On the daily chart, ADA’s price is moving sideways between the lower and upper Bollinger Bands ($0.71 to $0.83). The bands are currently tightening, indicating a potential breakout in either direction.
A decisive break above the upper Bollinger Band at $0.83 could trigger a short-term rally.
The Relative Strength Index (RSI) is sitting around the neutral zone with no clear overbought or oversold conditions. This supports the ongoing consolidation but also suggests room for upward movement if bullish momentum picks up.
Meanwhile, the MACD indicator shows a bearish trend, with the signal line slightly above the MACD line. However, the converging lines with flattening red histogram suggests a possible bullish crossover if volume supports.
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.