Is a Cardano market bottom finally forming on the price charts?

Cardano [ADA] has continued its consolidation beneath the $0.30-level. This sideways price movement has been in place since the February crash, with Cardano managing to climb to a high of $0.313 in late February. Since then, however, the local highs ADA has registered have struggled to clear the $0.30 and $0.28 resistance levels. While ADA showed no price trends in the higher timeframes, whales used the opportunity to scoop up more of the altcoin. According to AMBCrypto, Cardano whales accumulated 10 million tokens within a 72-hour window. This brought the total whale-held supply to nearly 5.71 billion tokens. Generally, a contraction in volatility, combined with whale accumulation, is a good market-bottom signal. Hence, the question - When might ADA manage to break out of its current range? Predicting a range breakout can be risky In general, range formations after a brutal downtrend can take many months, and sometimes even years, to resolve. In this sense, trying to predict when an altcoin might break beyond its local range constraints can be risky and produce losses to breakout traders and overeager investors. Therefore, the more profitable play might be to be reactive instead of proactive. Investors can wait until the asset shows strength before buying. The more high-conviction participants can look to accumulate near the range lows. Here, it should be mentioned that Bitcoin [BTC] is likely still in a bear market, and another leg towards or below $60K could hurt Cardano. The $0.2769 and $0.2328 are the swing points to watch now. The previous range (purple) between $0.245 and $0.30 saw the lows breached, with the former mid-range resistance continuing to oppose bullish efforts. Traders' call to action - Beware of further downside The altcoin has also swept the liquidation cluster at $0.27-$0.28. While these short liquidations seemed to be clustered all the way up to $0.287 at press time, it is possible that the upward price spike has ended. The lower timeframe structural shift seemed to agree with the same. The $0.264 region, which had acted as support recently, has been flipped to resistance. Combined with the higher timeframe range formation, it is likely that ADA would move to $0.235-$0.240 next. Final Summary Despite whale accumulation across Cardano's market, it might be too early to bet on a bullish breakout. Short-term price trends suggested that a retreat towards the $0.233-$0.237 lows may be possible.