- ADA trades at $0.66, failing to break resistance near $0.70, indicating continued bearish structure within a descending channel.
- Key Fibonacci support is at $0.6286; deeper declines may test $0.5384 and $0.4445 if bearish momentum builds.
- Whale accumulation of 410M ADA and tight Bollinger Bands suggest a possible breakout from consolidation in the near term.
Cardano’s ADA continues to trade under strong bearish pressure as it fails to break above key resistance levels. Analyst Ali noted that the asset was rejected at the top of its descending channel, adding that this could set up a drop toward $0.63, or even $0.54 if downward pressure builds.
The rejection came after Cardano tested the upper trendline but failed to generate upward momentum. The broader trend remains weak, with ADA caught in a descending channel stretching back to December 2024.
At the time of publication, ADA was trading at $0.6612, down by 0.15% in the past 24 hours. The daily range shows a low of $0.6529 and a high of $0.6674. Over the past several months, the prices have remained volatile, trading mostly between $0.60 and $0.75. Despite brief attempts to recover, each upside move has been limited by the channel’s upper boundary.
Key Fibonacci Zones
The long term Fibonacci retracement levels show several important zones that may act as support or resistance in the near term. From the swing high of $1.2116 to the low of $0.3261, the 0.5 level is at $0.6286 which may act as a short term support.
However, a deeper decline could take the price toward the 0.382 level at $0.5384, followed by $0.4445 at the 0.236 mark. On the upside, the 0.618 level is at $0.7399, with the 0.786 level at $0.9140. A decisive break above $0.7399 could allow ADA to exit its bearish structure.
The structure shows ADA respecting both the upper resistance and lower support boundaries of the descending channel. Unless it breaks above $0.75, the broader pattern remains negative.
Bollinger Bands and Volume Show Price Compression
Bollinger Bands further confirm ADA’s compressed range. The upper band is at $0.7444, while the lower band is at $0.6081. The middle band (20 day SMA) is near $0.6762. ADA trades slightly below this, around $0.66.
Volume also is steady at 22 million ADA, showing regular trading activity but no sharp spikes. This matches the consolidation pattern observed since early 2025. Tight bands often precede larger moves, and a breakout could be imminent.
Whale Accumulation and On-Chain Sentiment
According to Token Talk, whales acquired 410 million ADA in April. The price has been testing resistance near $0.70. If ADA breaks this level, potential upside targets could include $0.72 and $0.74.
Meanwhile, the MVRV Z-Score is at 26.2684, far from extremes and well within a neutral range. It remains above the lower bands of 7.1633 and 2.1633 but below the overheating level of 59.0542.
Overall, technical and on chain data point to a consolidation phase, with tight ranges and weakening momentum continuing into early May.
