Foreign media: Cardano faces short-term pressure, ADA focuses on 0.17 support

Foreign media analysis indicates that the Cardano token ADA rebounded from around $0.14 in recent weeks and briefly approached $0.20. The market's focus is shifting from the scale of the rebound toward whether the momentum can continue. The article suggests that the current trend has not fully turned bearish, but multiple short-term signals are weakening, making $0.17 a key level to determine the depth of a potential correction.

Whale holdings are declining

On-chain data analyst Ali noted that the number of addresses holding between 1 million and 10 million ADA dropped from 2,370 on August 2nd to 2,340. This means that 30 large addresses exited this holding range.

This change alone does not prove that there has been large-scale market selling, but after ADA has just undergone a noticeable rebound, a reduction in whale holdings is usually seen as a signal of profit-taking or position reallocation. If these addresses continue to decrease, short-term selling pressure may increase; if holdings stabilize or resumes accumulation, there will still be support for another push toward $0.20.

Resistance persists near $0.20

The article also mentions that ADA's MVRV ratio has fallen below the 7-day moving average, indicating that the momentum from recent gains is weakening. Meanwhile, the Tom DeMark Sequential daily chart has flashed a sell signal, making the market more cautious about the sustainability of this rebound.

These signals themselves do not equate to a trend reversal, but if ADA encounters resistance again in the $0.20 to $0.202 range, the pressure for a correction could intensify. According to the article, the price may first retest the $0.17 level; if this level is broken, the next targets could be $0.155, followed by $0.144.

MACD approaching a death cross

From a technical perspective, ADA is still trading within an ascending channel, but the MACD line is nearing a breach below the signal line, indicating a weakening of the previous rebound momentum. If the death cross is confirmed and the price fails to reclaim levels above $0.20, the likelihood of a short-term correction will further increase.

However, $0.17 remains the most crucial support for the bulls at present. If buying interest can hold this key level and drive MACD momentum back up, ADA still has a chance to test $0.20 again, or even target $0.22. The article believes the dividing line for the short-term trend still lies around the $0.17 mark.