On Monday, Bitcoin‘s drop below $62,000 accelerated supply pressure across major cryptocurrencies, including Cardano (ADA), which saw a weekly loss of 14.45%, dropping from $0.52 to $0.44.
Support Zones in ADA
Currently, ADA is navigating above the combined support of the 61.8% Fibonacci retracement level and $0.445, creating a high interest area for buyers to potentially counteract. The ongoing correction in Cardano’s price has witnessed an increase in demand pressure up to $0.445. This support level could align with the critical technical support of the 61.8% Fibonacci retracement amidst a prolonged correction trend.
ADA’s price is now trading at $0.45, and a lower price rejection at the mentioned support could indicate that buying pressure is still ongoing. As broader market sentiment improves, Cardano might prepare to challenge the general trend with an early signal of a trend reversal.
Analytical Reports on Cardano
Moreover, Cardano’s activity is increasing due to high activity from whales. According to leading crypto analytics firm IntoTheBlock, Cardano’s average large transaction volume last week reached $13.84 billion daily. To put this in context, this volume is about one-third of Bitcoin’s current transaction volume, five times that of Litecoin, and 16 times more impressive than Dogecoin.
This activity among Cardano’s major investors could be a sign of significant market movements and may capture the attention of the crypto community. A potential breakout could accelerate buying pressure and encourage buyers to pursue the highest levels of $0.57 and $0.687. Consequently, although Cardano’s value dropped with Bitcoin’s price correction, the 61.8% Fibonacci support level attracted buyers, and high transaction volumes along with whale influence are signaling a potential uptrend.
