Whales and Retail Back Cardano (ADA) Price Rebound Despite Bearish Signals

Core Viewpoint - Cardano (ADA) has experienced a significant decline, dropping nearly 20% in the past 24 hours and 26.2% over the last 30 days, but is attempting a recovery with support from both whales and retail traders [1][2]. Group 1: Whale Activity - Cardano whales have increased their holdings from 13.06 billion ADA to 13.20 billion ADA, a gain of 0.14 billion ADA valued at approximately $89.6 million at the current price of $0.64 [2]. - This accumulation by whales began before the recent crash and has continued, indicating their expectation of stability or a rebound [3]. Group 2: Retail Trader Involvement - Retail traders are joining whales in purchasing ADA, contributing to the buying strength that may support a gradual price recovery [4]. Group 3: Technical Analysis and Risks - Despite the accumulation, three technical risks persist: the Smart Money Index (SMI) has sharply declined and remains weak, indicating a lack of professional trader confidence [5]. - The Relative Strength Index (RSI) shows no bullish divergence, with ADA's price making lower lows alongside the RSI, suggesting that momentum has not reversed [6]. - ADA is currently oversold at an RSI of 30, but the absence of divergence indicates a potentially slower rebound compared to other altcoins [7]. Group 4: Price Levels and Projections - Cardano is trading near $0.64, with a daily close above $0.68 potentially leading to a short-term recovery towards $0.76 and $0.89, while a drop below $0.61 could push the price down to $0.55 [8].