- Cardano (ADA) rose 2.09% in the last 24 hours, riding the wave of Bitcoin’s record rally.
- Technical indicators confirm bullish momentum, including ADA’s first-ever weekly golden cross.
- Whale wallets accumulated over 120 million ADA, easing sell pressure and signaling long-term confidence.
- ADA faces resistance at $0.72, with ETF speculation potentially fueling the next breakout.
Cardano (ADA) is once again in the spotlight after posting a 2.09% price increase in the last 24 hours. The rise aligns with Bitcoin’s latest all-time high, strong technical signals, and a fresh wave of whale accumulation—all creating bullish tailwinds for ADA holders.
Bitcoin Record-Breaking Rally Sparks Altcoin Momentum
Bitcoin’s surge past $112,000 on July 9–10 ignited a rally across the broader crypto market. As investors’ risk appetite grew, ADA mirrored the momentum seen in Ethereum (+7%) and Solana (+4-6%). According to CoinMarketCap, the total crypto market cap expanded by 1.65%, while derivatives open interest soared 29%, signaling heightened investor engagement.
Also Read: Bitcoin Dips Below $95K After Brief Rally — Is a Breakout or Breakdown Next?
Bullish Technical Signals: Golden Cross, RSI, and MACD Boost Confidence
Cardano has formed its first-ever weekly golden cross, where the 50-week moving average crossed above the 200-week average. Historically, this pattern marks the start of long-term uptrends.
- RSI: At 55.5, rebounding from oversold zones, suggesting growing buying pressure.
- MACD: A bullish crossover and a rising histogram (+0.009) confirm short-term upside momentum.
- Key Levels: ADA must break resistance at $0.72, the 23.6% Fibonacci retracement level, to unlock further gains, with strong support found at $0.60.
Whale Accumulation: Institutional Players Step In
Data shows that whale addresses holding 1–10 million ADA scooped up 120 million ADA tokens (~$3.3 billion) since late June. This accumulation helps absorb sell pressure and reflects growing institutional confidence in Cardano’s future.
The uptick in whale activity follows the Plomin Hard Fork, which has advanced Cardano’s decentralization goals. As of now, nearly 71% of ADA remains in long-term holder wallets.
New Enterprise Partnerships Strengthen Cardano’s Utility
On July 8, the Cardano Foundation launched Reeve, an enterprise-grade tool for on-chain financial reporting. Reeve targets ESG-focused businesses and government agencies, showcasing Cardano’s pivot toward real-world utility.
This comes shortly after Charles Hoskinson’s controversial proposal to convert $100 million worth of ADA treasury funds into Bitcoin and stablecoins to boost DeFi liquidity.
What’s Next for ADA? ETF Speculation and Key Resistance Levels
Despite these bullish developments, ADA remains range-bound between $0.59 and $0.63, lagging Bitcoin’s recent 7% weekly gains. Bloomberg analysts suggest a 75% chance of a Cardano ETF approval, though no official filings have surfaced.
To maintain upward momentum, ADA needs a decisive close above $0.66 (50-day MA) and a sustained push beyond $0.72. If ETF speculation turns into reality, Cardano could finally decouple from Bitcoin’s shadow and chart its own bullish path.
Cardano’s latest surge is driven by a combination of Bitcoin’s market leadership, whale accumulation, and powerful technical signals. However, until ADA decisively breaks key resistance levels, traders should stay cautious in the face of market volatility.
