Cardano is preparing to launch Bitcoin staking through BitcoinOS integration
ADA price currently trades around $0.61, struggling to break above $0.65 resistance
Whales and long-term holders have offloaded over 100 million ADA in the past week
Technical analysis shows a falling wedge pattern that could signal a future bullish breakout
The integration with BitcoinOS could potentially drive ADA price to $3 according to some analysts
Cardano (ADA) is currently trading at around $0.61 as of April 16. The cryptocurrency has been facing consistent resistance at the $0.65 level after a brief recovery from the $0.55 support zone.
Technical indicators show that the 50-day Exponential Moving Average (EMA) at approximately $0.6951 is acting as a ceiling for the price.
ADA has remained below this moving average since early March, limiting its upward momentum in the short term.
Fibonacci retracement levels confirm the current trading range. While Cardano successfully bounced from the 0.786 Fibonacci support at $0.5490, it now faces strong resistance at the 0.618 level around $0.7182.
The next major pivot point lies at $0.8370, though it remains out of reach unless ADA breaks above both the EMA and the $0.70 range.
Selling Pressure from Major Holders
Market data reveals that large holders have been reducing their positions in recent weeks.
The Age Consumed metric showed a sharp increase over the past week, indicating that long-term holders have stepped up their selling activity.
When Cardano experienced a brief price increase earlier in the week, these long-term investors apparently took the opportunity to cash out and secure profits.
This selling behavior has added downward pressure on the market and contributed to pushing the price back down.
Crypto analyst Ali Martinez reported that whales offloaded over 100 million ADA tokens in just one week.
This large-scale distribution suggests that even major holders are cutting back their exposure to the cryptocurrency.
The Relative Strength Index (RSI) sits at 43.5, which is below the neutral 50 mark. This reading signals weak buying strength in the current market.
Trading volume also remains relatively low. The lack of strong buying interest suggests that recent price movements may not represent a confident reversal.
Without fresh momentum from buyers, ADA faces the risk of dropping back toward the $0.55 support level.
Bitcoin Staking Could Change the Game
Despite current price struggles, Cardano has a potentially major catalyst on the horizon: Bitcoin staking on its network.
Cardano’s upcoming integration with BitcoinOS could become a game-changer for the blockchain. The integration aims to enable Bitcoin holders to leverage Cardano’s technology to generate yields.
In a video posted on X (formerly Twitter), a representative identified as Linda, who claims to be from Minswap (a leading Cardano decentralized exchange), explained why this integration could be revolutionary.
Bitcoin is coming to Cardano!
I broke down exactly how it works: The opportunities The tech behind it And WHY BTC needs this just as much as we do!
She stated: “Bitcoin and Cardano are integrating in a way that brings us closer than ever to true interoperability. This integration will be the biggest game changer in decentralized finance, opening up a world of opportunity for Bitcoin holders.”
The integration will reportedly allow Bitcoin holders to earn extra income without relying on centralized middlemen like Celsius, which collapsed in 2022.
Instead, Cardano’s approach will use zero-knowledge cryptography to eliminate these intermediaries, making the process more secure and truly decentralized.
Zero-knowledge proofs are considered safe since these smart contracts have just one job: to verify whether a transaction is correct or not. They can only be compromised by a 51% attack on the network.
This integration could potentially bring billions of dollars worth of Bitcoin to the Cardano blockchain. Such an influx would likely boost Cardano’s total value locked (TVL), which currently stands at just $330 million.
Technical Pattern Suggests Potential Upside
Technical analysts have identified a falling wedge chart pattern on Cardano’s weekly chart. This pattern, formed by connecting the lowest and highest swings since December, with the two lines approaching their confluence levels, is often considered bullish.
There are also indications that the ADA price may be in the second phase of an Elliott Wave pattern. If this pattern plays out as expected, it could soon enter the third phase, which is typically the longest and strongest.
In this scenario, the price might rise to $2, then pull back to the 50% retracement level, before potentially reaching its all-time high of $3 in the longer term.
However, this bullish outlook would be invalidated if the coin falls below $0.311, which was the lowest level in November. This price also coincides with an ascending trendline connecting the lowest points since January 23.
For any meaningful recovery, Cardano needs to reclaim the $0.65 level and turn it into support. If that happens, ADA could target $0.70 and higher levels. Without breaking this resistance, the bearish structure remains intact.
While whales are currently selling, the anticipated Bitcoin staking capability could become the catalyst that reverses Cardano’s fortune in the coming months.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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