- ADA gains 6.6% in a week, eyeing $0.70 as the next resistance on the path to $1.
- Whale selling and weak macro conditions could limit upside momentum.
- The new Reeve platform marks a shift toward enterprise adoption on the Cardano blockchain.
- Technical indicators hint at a bullish reversal if ADA holds above $0.54 and breaks $0.6053.
Cardano (ADA) has seen modest gains lately, sparking optimism among bulls who hope the asset can reclaim the psychological $1 mark. ADA traded at $0.58, recording a 6.6% gain over the past week, raising its market capitalization to over $21 billion.
Also Read: Cardano Price Prediction: ADA Could Fall 30% As Bearish Patterns Are Confirmed
However, the bigger picture remains mixed. Despite recent bullish attempts, ADA is still down 11.9% over the last 30 days and remains nearly 50% below its March 3 peak of $1. Repeated rallies toward $1 have failed, showing persistent resistance from sellers.
Cardano Technical Setup: Falling Wedge Signals Potential Breakout
On the technical side, ADA has formed a falling wedge pattern on its daily chart—a classic formation hinting at an impending trend reversal.
- First bullish trigger: A confirmed breakout above $0.6053.
- Next resistance: $0.70 and $0.73, offering a potential 25.8% upside from current levels.
- Key support: $0.54; losing this could invalidate the bullish case.
Momentum indicators like the MACD and RSI are trending upward, supporting the idea of an improving sentiment. But the road to $1 won’t be smooth.
Whale Activity Poses a Short-Term Risk
Despite improving technicals, whale wallets have reportedly offloaded over 170 million ADA in the past two weeks, according to Santiment. This points to reduced confidence among large holders, potentially creating headwinds for short-term rallies.
If bears regain control and ADA falls below $0.54, it could lead to a deeper pullback toward $0.50 or even the wedge base near $0.44, where stronger buyer support may re-emerge.
Enterprise Adoption: Cardano Foundation’s Reeve Could Drive Long-Term Growth
Amid price struggles, ADA is pushing for broader adoption. On July 8, the Cardano Foundation announced Reeve, an enterprise-grade financial reporting platform built on Cardano.
Reeve allows businesses to publish tamper-proof financial data on-chain, creating an audit-ready and transparent solution that integrates with traditional accounting systems. This move strengthens ADA use case beyond DeFi and staking, potentially attracting institutional investors.
Can ADA Hit $1 Soon?
The path to $1 hinges on ADA maintaining support above $0.54 and successfully breaking above $0.73. Positive market sentiment, enterprise adoption through initiatives like Reeve, and improved liquidity conditions could fuel the rally. However, continued whale selling and broader market weakness could cap gains.
While the short-term outlook for ADA remains cautious, the technical setup combined with enterprise expansion efforts could lay the foundation for a future rally. Traders should watch key levels closely and stay tuned for broader crypto market cues.
