Cardano (ADA) Nears Critical Support: Could $0.38 Spark a $0.60 Recovery?

• Cardano is approaching key support around $0.38–$0.39, attracting trader attention at high-volume zones.
• $750 million ADA hits Binance, but the market absorbs whale pressure with minimal impact.
• Silent accumulation hints at bullish potential, paving the way for a possible $0.60+ rally.

Cardano (ADA) is moving in a downward direction with a notable decline in its value, mirroring the volatile market conditions. The ADA price has declined by 10.7% over the last 24 hours and 6.85% over the last week.

At the time of writing, ADA is trading at $0.4128, supported by a 24-hour trading volume of $1.29 billion, marking a surge of 24.63% over the last 24 hours. Moreover, its market capitalization remains steady at $14.85 billion, maintaining its place among top cryptos.

Source: CoinMarketCap

Also Read: Cardano Price Tests Support ADA Eyes Targets $0.50–$0.52 and $0.66

Cardano Nears Key Support: $0.38 Could Spark Recovery

The data from More Crypto Online revealed that ADA is currently testing a critical support area in the weekly chart, from $0.322 to $0.437. This area corresponds with a series of key technical analysis points and has produced a reaction right on the Point of Control, which shows a growing level of importance for this area. However, it remains a bit early to say when a long-term trough has been reached.

The area combines Fibonacci support with a known area of historical price action around $0.38-$0.39, where a substantial volume of trades has occurred. High-volume nodes like this are seen as robust support levels in many markets, and this area is being closely watched for signs of stabilization.

Source: More Crypto Online

The focus now shifts to whether ADA will complete a clean five-wave impulse, a classic example of a reversal indication. At this point, it has not been confirmed; hence, there has been a certain degree of caution in the market. Investors are waiting for further action in the markets before making any long-term decisions.

Cardano Strengthens as $750M Hits Binance; Is $0.60 Next

Moreover, another crypto analyst, Jack, highlighted that a huge inflow of $750 million of Cardano (ADA) arrived on Binance, but it barely moved markets. The buying pressure from the whale was absorbed quickly, with CVD holding up well and open interest increasing, keeping ADA above the regression line breakout. Clearly, it shows strength, not weakness.

Source: Jack

Now, turning to the prospects, a potential reversal from $0.48 to $0.50 with momentum in hand can unlock a $0.60+ move in the near term. The markets are silently accumulating ADA, which, in many ways, has a message that resonates much more than any news story. In a volatile world of cryptocurrencies, Cardano’s composed performance marks it as a stable entry.

Also Read: Cardano (ADA) Price Rally Sparks Optimism After NIGHT Token Launch on Binance