Cardano Gains Key Support: Whale Trading Activity Signals Potential Rebound
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According to a report by Bijie Network: Affected by the overall downturn in the cryptocurrency market, Cardano (ADA) fell by 6% to $0.267 on February 2. Although it briefly rebounded to $0.28, it still triggered market concerns. The Relative Strength Index (RSI) indicates that the market is in an oversold state, but the open interest remains as high as $840 millions, suggesting the presence of short positions rather than long accumulation. As the price declined, whale trading activity increased, indicating that large investors are accumulating. The future trend of ADA depends on whether it can hold the support level at $0.267; if it falls below this support, the price may further test around $0.13; if it holds, it may challenge the resistance levels at $0.32-$0.358 and $0.43.
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