Cardano eyes $0.18 – Are whales driving ADA’s price recovery?

Cardano [ADA] may be poised for another bullish push back toward $0.18.

After shifting its market structure on the 4th of July, ADA recorded an aggressive 25% pullback to the Fibonacci golden zone between $0.14 and $0.1567, where buyers have started stepping in again. On the daily chart, the zone has given ADA price action a sharp rejection.

However, the correction has done little to damage the broader uptrend, with price beginning to stabilize around $0.164 at press time.

The timing is also lining up with improving activity across the network. Whales have increased their participation in both the spot and futures markets, suggesting larger investors are positioning while ADA trades near a key technical support.

Who could be behind the recent gains?

Reinforcing the bullish technicals, ADA large holders are also becoming more active. According to the recent Average Order Size data, whales are accumulating more ADA across both the spot and derivatives markets. 

The surge cannot go unnoticed, as institutional-sized traders building positions in both markets often signals confidence beyond a short-term bounce.

Notably, growing Futures participation alongside spot accumulation suggests traders are not only buying the asset but are also increasing their exposure as they anticipate further bullish advancements.

Is ADA gaining momentum?

The technical momentum indicators are also showing early signs of recovery. ADA has started posting modest gains while its Stochastic RSI is on the verge of hitting an oversold territory as of writing.

Given that the token’s price is also respecting the Fibonacci support established during the latest pullback, ADA Stochastic RSI affirms the likelihood of the current bullish momentum to prevail.

If buyers continue defending the current level, attention is likely to shift toward the next major resistance in line.

Can bulls reclaim $0.18?

The market already has a clear target for the bulls. Cardano’s Liquidation Heatmap data shows a liquidity cluster worth over $1 million at the $0.18 price level.

The significant liquidity cluster affirms the resistance level as the next target for the buyers as they hunt the market liquidity.

All in all, the broader ADA trend remains optimistic. The network’s whales are becoming more active across spot and Futures markets, and momentum indicators are beginning to recover from stretched conditions.

Whether that combination is enough to carry ADA toward $0.18 will depend on whether buyers can maintain control over the coming sessions.

Final Summary

• ADA recovery has commenced after pulling back to the Fibonacci golden zone, with whale activity increasing across both the spot and futures markets.
• A liquidity cluster worth more than $1 million sits near $0.18, making it the next major target if buyers maintain control of the current rebound.