Cardano (ADA) battles $0.246 support as whales buy

Cardano's ADA tests $0.246 support after a 15% drop. Whales bought 250M ADA, and a TD Sequential buy signal hints at a rebound to $0.255 if support holds. Technicals remain mixed.

Cardano's ADA has dropped about 15% over the past two weeks, now trading near the crucial $0.246 support level. This area has historically served as a key threshold, making its defense vital for ADA’s short-term prospects. Technical indicators show mixed signals: the MACD remains negative or neutral, while the RSI sits around 41–43, pointing to weak buying interest. Despite the bearish sentiment, major holders have accumulated roughly 250 million ADA since May 11, signaling long-term confidence. The TD Sequential indicator, which previously predicted the recent decline, has now flashed a buy signal, hinting at a potential local bottom. If ADA holds above $0.246, analysts see $0.255 as the first rebound target, followed by $0.262 resistance. However, without stronger buying momentum, the risk of further weakness remains. Traders are watching closely to see if ADA can defend this support and trigger a recovery.