In the past week, Cardano (ADA) has experienced a notable increase, surging over 15%, even as trading volume dropped by 27% in the last 24 hours. Momentum indicators and whale activity continue to display bullish tendencies; however, signs of consolidation are becoming apparent as ADA hovers around significant support and resistance levels.

The outcome of whether ADA will advance further or experience a pullback may hinge on its performance within the critical $0.668–$0.709 range in the coming days. The Cardano Average Directional Index (ADX), which measures trend strength, currently stands at 30.17, having eased slightly from yesterday's reading of 32.76 after a sharp rise from 14.90 two days prior.

This swift ascent indicates a strengthening trend that has recently stabilized, amidst ongoing discussions within the Cardano community regarding Charles Hoskinson's roadmap commitments. Despite the minor decrease in ADX, ADA remains in an uptrend, showing that bullish momentum persists, albeit possibly cooling after a period of intense acceleration.

The ADX ranges from 0 to 100 and does not indicate direction, only the strength of a trend. Levels below 20 suggest a weak or non-existent trend, whereas readings above 25 typically confirm a strong trend. At 30.17, ADA's current ADX reflects a healthy uptrend, although the slight dip may imply that the trend's momentum is stabilizing rather than accelerating.

As long as ADA sustains this level, the uptrend remains intact, but traders should monitor any further declines in ADX that could foreshadow reduced strength. The number of Cardano whale addresses—wallets holding between 1 million and 10 million ADA—has marginally risen to 2,408 from 2,405 on April 22, following a brief decline from 2,421 on April 20. This suggests a small yet significant return of larger holders after a short distribution phase.

Although the change appears minor, it signifies a potential shift in sentiment among high-stakes investors, who often drive price trends due to the substantial volume of assets they manage. Monitoring whale activity is essential since these large holders can have a considerable impact on the market. Accumulation by whales is typically viewed as a sign of confidence and can serve as a leading indicator of upward price movement.

On the other hand, when whales start selling their holdings, it might signal diminished conviction or an anticipation of short-term price drops. The recent increase from 2,405 to 2,408 may indicate renewed interest among whales in acquiring ADA, hinting at a possible rebound or continued strength in price, particularly if this trend persists.

Based on its Exponential Moving Average (EMA) lines, Cardano's price remains in an uptrend, with short-term moving averages still above the long-term ones—a classic indicator of sustained bullish momentum. This configuration suggests the broader trend favors the bulls despite recent price consolidation.

However, ADA is trading within a narrow range, encountering resistance at $0.709 and finding support at $0.668, setting the stage for a potential breakout or breakdown. If the $0.668 support is breached and fails, ADA could decline toward the subsequent support level at $0.634, and a deeper fall might push it down to $0.59, marking a more significant correction.

Conversely, a decisive breakthrough above $0.709 resistance would likely generate renewed bullish momentum, with the next upside target positioned around $0.77.

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