Cardano (ADA) is holding steady below $0.70 after a volatile start to October, as mixed whale activity and shifting ETF sentiment shape the near-term outlook.
Despite reports of major holders unloading hundreds of millions of ADA, other large investors appear to be buying the dip, signaling renewed confidence ahead of the October 23 Grayscale ADA ETF decision and next month’s Cardano Summit in Berlin.
After falling from $0.80 during the broader crypto correction, ADA has entered a consolidation range between $0.65 and $0.70.
Crypto analyst MMBTrader said ADA continues to defend higher-timeframe support and could be “ready for its next leg up past $1.”
Similarly, market strategist Javon Marks projected that once ADA breaks through near-term resistance at $0.74–$0.80, momentum could accelerate toward $1.20–$1.60, with extensions to $2 possible if sentiment strengthens.
On the 4-hour chart, Cardano is shaping a falling wedge pattern, a structure often preceding bullish reversals. Immediate support rests at $0.65, while $0.74 acts as the first major resistance. A decisive breakout above $0.74 could trigger moves toward $0.80–$0.86, aligning with the 50-day exponential moving average.
Technical indicators show mixed signals as the RSI at 37 suggests ADA is approaching oversold territory, while Chaikin Money Flow (CMF) at over 0.13 hints at light inflows returning. Analysts warn that failure to hold $0.65 may open a retest of $0.60–$0.62, last seen during June’s correction.
With ETF speculation, whale accumulation, and growing institutional accessibility, analysts argue that ADA may be building a base for recovery into Q4. A clear move above $0.74 could confirm a bullish reversal and set the stage for a test of the $1 mark, while failure to defend $0.65 would extend consolidation.
Cover image from ChatGPT, ADAUSD chart from Tradingview
