Cardano holds above $0.16 as analysts eye $0.23 target, ETF inflows hit 16-month streak

Technical rebound from Fibonacci support

After a sharp pullback earlier this month, ADA found support within the key Fibonacci retracement zone between $0.14 and $0.1567. This area is often regarded by technical analysts as a potential reversal point. Despite a 25% correction starting July 4, the token has managed to stabilize above $0.16, sparking renewed interest among buyers.

Crypto analyst Nehal commented that ADA is consolidating within this accumulation range and could be staging for a bullish reversal. Nehal noted that the current uptick in buying activity and a shift in market sentiment may drive ADA toward the next resistance, potentially triggering a breakout toward $0.23.

ADA is consolidating in this accumulation zone with increasing buying interest and sentiment improvement, which could support a rise toward the next resistance and open a path to a breakout.

Momentum indicators, such as the Stochastic RSI, show ADA nearing oversold conditions. Historically, these technical setups have aligned with price recoveries. The asset’s ability to remain above recent Fibonacci support levels has given some traders confidence that the rebound may continue.

Whale activity and institutional inflows

Large holders in both spot and futures markets have become more active, with data on average order size pointing to increased whale participation in ADA. When whales simultaneously build positions in spot and derivatives, analysts suggest this often reflects longer-term confidence in an asset rather than a short-lived rally.

Analyst MinswapIntern shared that Cardano exchange-traded funds (ETFs) have recorded net inflows for 16 consecutive months. This streak, according to the analyst, highlights ongoing institutional demand for regulated ADA exposure.

Mini dictionary: Cardano, launched in 2017 by mathematician Charles Hoskinson, is a blockchain platform focused on scalability, interoperability, and sustainability. ADA is its native cryptocurrency, used for transactions and governance within the network.

Cardano’s ETFs have logged 16 months of consecutive net inflows, signaling steady institutional demand for ADA.

On the technical charts, liquidity data from CoinGlass identifies a cluster exceeding $1 million at around $0.18. This area marks the next key target for buyers. If ADA’s price can break through this level, analysts believe it could accelerate the token’s momentum upward in the near term.

ADA continues to trade above its recent support as whales and institutional investors remain active. Traders are closely eying the $0.18 level, which could prove pivotal in determining the coin’s short-term trend.