Cardano (ADA) price shows strong consolidation within the $0.67-$0.70 range. In April, significant accumulation was observed among major investors.
Whale Activity Supports Price Stability
Large ADA holders acquired over 410 million tokens in April, totaling around $283 million. These purchases occurred at support levels, indicating strategic positioning. Transactions were distributed evenly throughout the month.
Liquidation Trends Indicate Reduced Leverage
Liquidation data shows that short sellers were forced to exit as ADA's price briefly touched $0.704. Earlier in April, long traders experienced liquidations of up to $9.65 million, which seemed to reset overleveraged positions, leading to market stabilization.
Technical Patterns Suggest Price Compression
The ADA price chart shows a symmetrical triangle forming which may suggest a breakout around May 8-9. Currently, ADA is trading just below its 200-day exponential moving average, with low trading volume typical before a breakout.
Cardano's price holds at support near $0.67, which could serve as a catalyst for another upward push. With whale activity and reduced leverage, this level is critical for future market movements.
