Cardano price eyes a breakout as ADA has climbed 7% in a week, but whale sell-offs and resistance at $0.70 continue to pose challenges.
By Godfrey Benjamin
Editor Godfrey Benjamin
Updated
4 mins read
Cardano ADA $0.58 24h volatility: 1.0% Market cap: $20.89 B Vol. 24h: $581.68 M price is gaining attention in the crypto market again. ADA rose by more than 7% this week to $0.59 and is now approaching a key resistance point at $0.60. Even with this gain, it is still almost 50% below its high from March. Interest is growing on the protocol because of Cardano’s new project, Reeve.
Meanwhile, in an earlier update, Coinspeaker reported that ADA broke the critical $0.50 support level amid raging volatility.
CoinMarketCap data indicates that this latest increase has pushed the asset’s market value above $21 billion.
Still, the broader trend tells a different story. Over the past month, ADA has remained down by 11.9%. This decline continues to weigh on investor sentiment, especially since the coin is still trading nearly 50% below its yearly peak of $1 in early March. Despite several attempts by buyers to return to that mark, each effort has lost momentum before making any significant progress.
The challenge is primarily tied to selling pressure from whale wallets. For context, these are investors holding large amounts of ADA. These large holders often sell during small rallies, stopping any potential breakout in its tracks.
Market analysts say July could be a turning point for Cardano price. The wider crypto market is showing signs of renewed strength heading into the third quarter. For Cardano, the next major test is at $0.70, which now stands as the most formidable resistance level. Breaking that mark could set the stage for a fresh run toward $1.
ADA Price Chart | Source: TradingView
The growing RSI and mini-golden cross formation confirmed by the M.A Cross indicator validates the potential for ADA to retest its previous local highs.
It is worth noting that while price charts tell part of the story, Cardano’s team has been building behind the scenes. Coinspeaker noted earlier that the public blockchain platform announced the launch of its new blockchain accounting tool Reeve.
Reeve is a financial reporting platform designed to let institutions upload tamper-proof financial records directly onto the Cardano blockchain. This on-chain data can then be used for audits or reviews, adding a layer of transparency that could appeal to large organizations.
It is essential to note that by focusing on business-grade infrastructure, Cardano is expanding beyond its earlier emphasis on decentralized finance and staking. This move could help attract a different class of investors. This is especially important for those interested in practical blockchain applications in areas such as finance and compliance.
The long-term impact of Reeve is yet to be seen, but it offers a solid reason for institutional players to take a closer look at Cardano again.
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Disclaimer: 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.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
