Cardano (ADA) Price Analysis 📉
As a crypto enthusiast, you may have noticed a recent drop in Cardano’s price, indicating a possible further decline. Investors are backing off, particularly ADA whales, who have been selling off their holdings to offset potential losses. This selling pressure has seen a significant reduction in overall ADA holdings, leaving many investors skeptical about the future.
Cardano Investors Cautious 🐋
- ADA whales selling off holdings to offset potential losses
- Addresses holding ADA worth between $10,000 to $1 million selling over nearly $1 billion worth of supply in the last two weeks
- Total ADA holdings down from $6.1 billion to $5.1 billion
Long-term holders, considered the backbone of a bull run, are also showing caution. The Age Consumed metric has noted an increase, indicating movement of supply held by addresses for more than a year. This skepticism among long-term holders suggests a possible further decline in ADA’s price.
ADA Price Prediction 📊
- Cardano’s price stuck in a descending channel for the past month and a half
- Failed breakout attempt leading to a decline to test support at $0.47
- Possible further decline to $0.40, marking a 14% drawdown
If Cardano’s price manages to bounce off the $0.46 support, it could reclaim $0.50 as support. This crucial psychological level would invalidate the bearish thesis and potentially open ADA up to a further rally.
Hot Take 🔥
Keep an eye on ADA’s price movement in the coming days and weeks. The current trend suggests a possible decline, but a bounce off key support could change the narrative. Stay informed and make well-informed decisions based on the latest market analysis and trends.
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