Cardano Annual Meeting: Critical Levels to Monitor for ADA Price

• Cardano ADA is facing pressure, trading at $0.8754, and analysts are focused on the crucial support level of $0.85.
• Despite ADA’s recent dip, whale accumulation is increasing, with over 20 million tokens being purchased in recent days.

Crypto investors and traders are keeping a close watch on Cardano’s native digital asset ADA as the Foundation will be having its annual conference on the last day of 2024, i.e., December 31st. During this event, Cardano will highlight the strategic decisions for the upcoming years, including the budget for 2025.

Investors are looking forward to some key details that will drive the next leg of the ADA price rally to the psychological barrier of $1 and beyond. As of press time, the Cardano price is trading 2.2% down at $0.8754 with a market cap of $30.7 billion amid weakness in the broader crypto market.

Cardano’s (ADA) upcoming annual conference may provide a stabilizing factor for the token, helping it maintain support above the crucial $0.85 level in the sessions ahead.

Market analysts suggest that holding this support is vital for ADA to stage a quick recovery back to the $2 mark. However, persistent selling pressure could push the token below $0.85, potentially triggering a rapid decline toward the next major support at $0.77. Traders are closely watching ADA’s price action as the conference approaches, which could serve as a catalyst for renewed interest and upward momentum.

Crypto analyst Ali Martinez highlights Cardano’s (ADA) most critical support zone, ranging between $0.77 and $0.68. This level could play a pivotal role in determining the token’s price trajectory.

Source: Ali Martinez

Where is Cardano (ADA) Price Heading Next?

As per the technical charts, Cardano’s native crypto ADA is showing mid-term bearish sentiments. Thus, ADA might witness faded buyer activity for some more time before a bullish reversal takes place in H1 2025. On the other hand, Cardano’s price has consistently closed below the 50-day moving average, signaling a notable weakness in bullish momentum.

However, ADA whales and big players see this as a potential opportunity to buy the dips. Over the last few days, Cardano players have accumulated millions of ADA coins. According to blockchain analytics platform Santiment, crypto whales have been actively increasing their holdings, accumulating over 20 million tokens. Analyst Ali Martinez highlighted this significant activity, suggesting a renewed interest from large investors in the crypto market.

Whales have bought over 20 million #Cardano $ADA in the past 48 hours! pic.twitter.com/ofFBS3wec5

— Ali (@ali_charts) December 29, 2024

That underscores dip-buying strategies after ADA’s latest dip, confirming trust in the alt’s potential rebound. Moreover, ADA’s circulating supply has gradually decreased lately, with more than 21.8 billion tokens staked to boost the blockchain’s security.

Meanwhile, the Cardano platform has evolved into a lucrative environment for web3 activities. It boasts over $545 million in total value locked (TVL), with a $22.9 million stablecoin market cap. This year, in 2024, the Cardano blockchain also hit the milestone of hosting 100K new smart contracts, reported CNF.

Crypto analyst Michael van de Poppe believes that Cardano (ADA) is nearing the end of its current correction phase, following a 40% pullback after a strong upward rally to $5, reported CNF. Van de Poppe expects a new leg of upward movement for ADA, signaling potential positive price action in the near future.

Source: Michael van de Poppe