Cardano ($ADA) Struggles Below $1—Can It Reverse Course in March? – BlockNews.com
😲 XRP Faces Bearish Pressure as Price Hovers Near $2.00: A head-and-shoulders pattern suggests a potential drop to $1.63 if $2.00 support fails, but a break above $2.00 could push it back toward $3.00. Network Activity Declines by 50%: Active wallets have dropped from 202,250 to 101,169, raising concerns about lower engagement and potential weakening demand. Investor Sentiment is Divided: Retail traders remain bearish (-1.88
- XRP Faces Bearish Pressure as Price Hovers Near $2.00: A head-and-shoulders pattern suggests a potential drop to $1.63 if $2.00 support fails, but a break above $2.00 could push it back toward $3.00.
- Network Activity Declines by 50%: Active wallets have dropped from 202,250 to 101,169, raising concerns about lower engagement and potential weakening demand.
- Investor Sentiment is Divided: Retail traders remain bearish (-1.88 Crowd Sentiment), while institutions (1.82 Smart Money Sentiment) see a buying opportunity, creating a tug-of-war in market direction.
Cardano ($ADA) has been on a rough slide, losing 34% in the last month and 15% this past week alone. With its market cap now at $22 billion, ADA has been stuck under the $1 mark for over a month, reflecting a persistent bearish grip on the asset.
Technical indicators paint a concerning picture—the ADX is climbing, signaling that selling pressure remains dominant. However, if key support levels hold, there’s a chance for a March turnaround.
Cardano ADX Confirms a Strong Downtrend
Right now, ADA’s ADX is at 46.8, a sharp jump from 10.3 on February 23. The Average Directional Index (ADX)measures trend strength, but not direction.
- ADX below 20? Weak or non-trending market.
- ADX above 25? Strong trend.
- ADX over 40? Very strong trend—momentum is real.
With ADA’s ADX soaring past 46, coupled with its price in a downtrend, it suggests bears are in full control. Unless buying interest ramps up fast, further downside seems more likely.
Cardano Whales Drop to Lowest Levels Since January
Big money is stepping away from ADA—a troubling sign. The number of whale addresses (holding between 1M and 10M ADA) has dropped from 2,477 on February 21 to 2,454 now—the lowest count since January 9.
Tracking whale activity is crucial, as their movements can dictate market liquidity and overall sentiment.
- Fewer whales? Signals reduced confidence and potential selling pressure.
- More whales? Suggests accumulation and potential price support.
This declining whale activity could signal more downside, as big players distributing their holdings often trigger cascading sell-offs from smaller traders.
Will Cardano Reclaim $1 in March?
ADA’s EMA lines show a bearish setup, with short-term EMAs trending below long-term ones—a classic indicator of ongoing downward momentum.
- If the current downtrend intensifies, ADA could test the $0.50 support.
- Losing $0.50 could open the floodgates to a drop toward $0.32, its lowest level since November 2024.
On the flip side, if $0.50 holds, ADA could attempt a recovery:
- Breaking above $0.65 would be the first step.
- If momentum builds, $0.83 and $0.90 could come into play.
- A sustained rally above $1 could finally break the bearish grip for the first time since late January.
Final Thoughts—Critical Weeks Ahead for ADA
Right now, ADA is at a crossroads. If whale activity continues to decline and selling pressure remains high, expect more downside. But if buyers step in at key support levels, March could bring a much-needed turnaround.
Keep an eye on $0.50 and $0.65—those levels could determine ADA’s next big move.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
