A substantial sell-off of Cardano (ADA) tokens worth around 100 million from large holders in just 72 hours has fueled concerns among investors. This significant move coincides with a price drop from $0.88 to $0.64, leaving many wondering what will come next for this cryptocurrency. 72 Hours Following a Whale Sell-Off
Data suggests that wallets holding between 100 million and 1 billion ADA saw their balances decrease over a three-day period, potentially contributing to the price slide. The timing of these sales strongly links them to market movements, with whale activity having a significant impact on recent price changes.
Uncertainty Persists: A Cautious Market
While whales have remained largely inactive in terms of purchasing activity, some experts like Martinez suggest that Cardano may see one more price dip before any potential recovery. He points out the $0.55 level as a critical threshold for future buying and a possible rebound. A surge to $0.74 might also occur from this support zone if the market sees some renewed momentum.
Long-Term Prospects Remain Uncertain
Martinez believes that Cardano may eventually reach $1.70, but sustained momentum is needed for this to play out. Other experts have offered predictions about potential price changes and the future of Cardano in relation to market trends, though there are no concrete guarantees.
Market Indicators: Analyzing Signals At present, ADA trades at $0.64 after a slight decline over the last 24 hours. This is down 1% from last week, but remains above the support level of $0.64, where investors will closely monitor for signs of renewed buying activity.
Market indicators such as the RSI (at 40) and MACD offer mixed signals. The RSI is below the midpoint of 50, suggesting weak demand in the market; however, it hasn’t yet reached the oversold zone which starts at 30. This combination suggests a potential for further price fluctuations.
Institutional Flows and ETF Listing
Cardano has witnessed $300,000 worth of outflows from cryptocurrency investment funds, according to CoinShares data, indicating reduced investor interest. However, the inclusion of ADA in the REX-Osprey Top 10 Crypto Index ETF by Mintern may bring increased visibility for Cardano among those following regulated products.
The post 100,000,000 ADA Dumped by Cardano Whales in 72 Hours: What’s Going On? appeared first on CryptoPotato.