Will Cardano’s Price Fall Below $0.63 Support Amidst Whale Selling Pressure?

Cardano (ADA) is currently hovering just above a critical support level of $0.63, facing potential downward pressure due to significant sales by large investors known as whales. This move raises concerns about Cardano’s future price trajectory and market volatility. 100 million ADA units were sold off recently by these whales, highlighting a shift in investor sentiment towards caution, potentially triggering a short-term price decline. Further analysis reveals that this selling pressure is contributing to reduced liquidity in the crypto market, while also creating heightened volatility as investors react to these shifts in market dynamics.