Cardano’s Price Struggles Continue Despite Transactional Activity Spikes
Cardano’s price has been fluctuating below $0.29, and there are concerns that whale investors who have withdrawn $30 million could lead to a further downtrend towards $0.25.
Key Points:
- ADA has experienced an increase in transactional activity, thanks to product developments and exchange re-listings.
- However, despite the rise in transaction volume, ADA’s price has been sliding downward.
- The withdrawal of $30 million by Cardano whale investors confirms the negative price outlook.
- The market value of $0.29 means that the identified whale cohort has withdrawn approximately $29 million in the last 7 trading days.
- Considering the on-chain indicators, ADA’s price could potentially experience a downturn towards $0.25.
Hot Take:
The continuous struggles of Cardano’s price despite increased transactional activity and the withdrawal of millions by whale investors indicate a challenging period for ADA. The support area around $0.27 may prevent further decline, but unless significant buy pressure is seen, ADA might struggle to clear resistance and achieve a rebound. The coming days will be crucial in determining the direction of Cardano’s price.
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