🤔Can Cardano whales help overcome ADA’s 7% drop in value?

ADA's whale activity has surged significantly in the last month, with a 29% increase in the number of whales holding between 100 million and 1 billion ADA coins, according to IntoTheBlock data. Despite this, ADA's price has been impacted by the recent market pullback, trading at $0.43, a 7% decline over the past 30 days.

📉 Bearish Momentum and Key Indicators

ADA's key momentum indicators on the one-day chart signal bearish momentum. The Relative Strength Index (RSI) at 37.42 indicates high coin distribution among market participants. The Chaikin Money Flow (CMF) below zero (-0.04) signals increased liquidity exiting the market, often preceding a continued decline in asset value. Additionally, ADA's positive directional index (green) positioned below the negative index (red) confirms a strong downtrend, supported by an Average Directional Index (ADX) value of 29, indicating a robust downtrend.

📉📈 Price Outlook and Support Levels

ADA's current support level is crucial, but if bearish momentum strengthens, ADA may breach support and trade at $0.38. Conversely, if bearish projections are invalidated, a rally toward the $0.46 level is possible. Despite the price decline, ongoing activity in ADA's futures market suggests a bullish outlook, with positive Funding Rates across exchanges indicating continued opening of long positions by futures traders, as per Coinglass data.