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Cardano (ADA) Stuck at $0.70 – Could Whale Activity Push It Down to $0.50?

Cardano trades in a narrow range between $0.6673 and $0.7746, with indicators remaining neutral. Large holders dumped 100 million ADA in a week, reducing whale holdings to 5.89 billion ADA. A breakdown could...

Cardano (ADA) Stuck at $0.70 – Could Whale Activity Push It Down to $0.50?
  • Cardano trades in a narrow range between $0.6673 and $0.7746, with indicators remaining neutral.
  • Large holders dumped 100 million ADA in a week, reducing whale holdings to 5.89 billion ADA.
  • A breakdown could see ADA drop to $0.53, while a recovery above $0.7746 may trigger a rally toward $1.00.

Cardano is currently trading in the $0.72 range, showing a 2.44% intraday recovery, countering the drop on Sunday. However, the price remains in a tight consolidation zone between the 38.20% ($0.6673) and 50% ($0.7746) Fibonacci levels.

The Bollinger Bands are moving sideways, showing low volatility, while the MACD and signal lines are hovering near the zero mark, highlighting market indecision. A negative alignment of moving averages suggests a potential breakdown, adding to bearish concerns.

Cardano Whale Exit Signals Bearish Sentiment

Data from Santiment shows that whales have offloaded 100 million ADA in the past week, reducing the holdings of addresses with 1M–10M ADA to 5.89 billion tokens. This large-scale liquidation could indicate a lack of confidence in ADA’s short-term price movement.

With whale activity increasing selling pressure, ADA faces two potential scenarios. If the price breaks down from the consolidation range, it could push ADA towards the 23.60% Fibonacci level ($0.53), which aligns with long-term support. On the other hand, a breakout above $0.7746 (50% Fib level) could trigger a rally toward $1.00, presenting a strong buying opportunity.

Cardano is at a pivotal moment, with whale sell-offs raising concerns about a potential drop to $0.53. However, if ADA breaks above $0.7746, it could flip bullish and aim for $1.00. Traders should closely monitor whale activity and technical indicators for the next major move.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.

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