- Cardano price at 0.7088 dollars, an increase of 2.04 percent, with Golden Cross targeting 0.88 dollars if resistance at 0.74 dollars is broken.
- Whales posses 35.5 percent of ADA, and ETF approval chances stand at 51 percent, which raises its price confidence.
- Volume increased by 33 percent to 723 million dollars; Its price aims for 0.77 to 0.78 dollars, and support stands at 0.55 to 0.57 dollars.
Cardano price is seeing a rise, breaking above $0.70 and currently trading at $0.7088, with a daily gain of 2.04 percent. There is a Golden Cross pattern that has developed on the 4 hour chart, suggesting the Cardano price will continue to rise.
Crypto analyst Ali Charts comments that if the Cardano price breaks the resistance level of 0.74 dollars, it may go as high as 0.88 dollars. But if it cannot break through resistance between 0.7150 dollars and 0.7200 dollars, the price could fall back to 0.6800 dollars.
Whale Accumulation Reflects Growing Investor Confidence
Large investors, or whales, are piling up on ADA. They now possess 35.5 percent of the circulating supply, up from 33 percent back in January. This rise indicates that they feel the Cardano price will increase.
There’s also increasing rumor about a spot ADA ETF. Following the appointment of a new SEC chair, the chances of an ETF approval this year improved to 51 percent, as per Polymarket data.
Cardano Price Approaches Critical Resistance Level
Volume trading has increased 33 percent over the past 24 hours to 723 million dollars. This indicates more buyers are present as the Cardano price attempts to break resistance.
The price is in a declining channel but has reversed at the lower boundary and is headed towards the upper boundary, around 0.77 to 0.78 dollars. Breakout above this level can further strengthen the bullish trend of the Cardano price.
The Money Flow Index, being a technical indicator, is at 55.33, which is neutral to slightly bullish. This means that there is potential for the Cardano price to keep rising if the buying pressure continues.
But if the price does not break through the resistance levels, it can fall back to support levels of between 0.55 and 0.57 dollars.
Open interest in ADA futures increased by 1.5% to $796.15 million, while derivatives trading volume climbed 22.5% to $1.56 billion, indicating heightened market engagement.
Also Read: Today’s Crypto News, April 28: Melania Memecoin Team Sells $1.5M in Tokens as Price Rises by 21%
