Cardano (ADA) continues to trade below all major moving averages, reinforcing bearish sentiment as it struggles to reclaim short-term resistance levels. Despite this, large wallet holders have been steadily accumulating ADA since February, reaching their highest levels in months. On March 30, ADA briefly dropped to $0.2392 before recovering to $0.2462, marking its weakest daily level since February. The technical structure remains bearish, with the 20, 50, 100, and 200-day EMAs declining and positioned above the current price. The 20-day EMA at $0.2591 acts as a key resistance level, with ADA failing to close above it since mid-March. However, a recent breakout from a descending channel suggests a potential momentum shift, supported by a positive MACD crossover on the 30-minute chart. Despite the technical weakness, on-chain data shows large ADA holders, controlling between 10 million and 100 million ADA, have increased their balances to the highest levels since October 2025. This accumulation indicates a divergence between short-term price action and long-term positioning, as traders face challenges maintaining momentum amid repeated liquidations in the derivatives market.