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HomeNewsCardano Faces Struggle as Whales Take $380 Million Profit, ADA Price at...

Cardano Faces Struggle as Whales Take $380 Million Profit, ADA Price at Risk

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  • Cardano’s price is highly volatile due to large-scale profit-taking and low activity from major investors.
  • ADA has the ability to recover despite the recent market dips because of its strong developmental momentum.

Recently, Cardano (ADA) prices have struggled. It ranged from a high of $0.8104 on March 14 to a low of $0.5689 on March 20.

One of the most important things the Cardano community has noticed is a noticeable decline in activity from big investors, or “whales.” On-chain data points to a slowdown that might be the result of these big players taking a profit.

Santiment claims that starting in late February, there has been a noticeable decline in large transactions, especially those that total more than $100,000.

cardano
Source: Santiment

Whale Moves and Trends of Profit-Taking

The Network Realized Profit/Loss measure, which shows ADA holders realized over $380 million in profits after March 20, lends further credence to this tendency toward harvesting gains. Whale transactions have significantly decreased during this time, which is consistent with a broader trend of profiting from recent price increases.

As of right now, ADA’s price on Binance is trading at roughly $0.6471, showing a 6.92% gain over the last week and a 19% decline from its peak this year.

The technical picture suggests that there may be a corrective phase, with ADA perhaps looking to recover within the noted Fair Value Gap between $0.3046 and $0.3736. This is especially evident when examining the 1-day ADA/USDT chart. To explore more details about this development, you can watch the following YouTube video:

Prospects for the Future and Technical Indicators

There is still hope for Cardano despite this expected correction; a recovery to mid-March levels is anticipated. The Moving Average Convergence/Divergence (MACD) indicator, particularly its red bars below the zero barrier, supports the idea of a continuous market correction.

Source: TradingView

A daily close above $0.7328 or a violation of the 78.6% Fibonacci retracement line would indicate a major turn around for ADA. These kinds of moves have the ability to counteract the bearish attitude and even lead to a spike in the direction of $0.9091, which is the 127.2% Fibonacci extension.

Beyond short-term market fluctuations, Cardano’s ongoing development, particularly in GitHub operations, is causing a surge of excitement, as ETHNews previously reported.

With some market analysts projecting an optimistic path that may see ADA reach as high as $10, propelled by continued improvements and its intrinsic value proposition, these advancements might ultimately support ADA’s value.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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