Cardano price remains in a consolidation phase, with a critical breakout needed to confirm its next significant move. ADA has declined by 10% recently, leaving 204 million ADA holders in loss. This trend raises questions about the possibility of a deeper price crash for the cryptocurrency.
204M ADA Holders in Loss, Is Cardano Price Crash Next?
Cardano price is facing downward pressure as over 204 M ADA tokens are currently in a loss In Between the price of $0.98 to $1.27. This signals growing investor concern amid a recent pullback from its recent highs. The price has struggled to maintain momentum after a strong rally, raising questions about whether a correction is on the horizon.
ADA’s loss refers to the number of tokens bought at a higher price than their current market value. When a large portion of tokens are lost, it often leads to panic selling or reduced buying pressure, increasing the risk of a price drop. Investors closely monitor key support levels to determine whether a top altcoin can sustain its gains or if further declines are imminent.
Source: Santiment
Whales Dump 180M ADA Tokens
Santiment data reveals Cardano whales offloaded over 180 million ADA tokens this past week. Analyst Ali highlights the correlation between ADA price fluctuations and declining whale holdings.
This large-scale sell-off has raised concerns about Cardano’s short-term performance, reflecting potential pressure on ADA’s market value amidst increased whale activity in the ecosystem.
Source- X
Cardano Price Analysis
The latest ADA price is $0.9762, reflecting a 3% decline over the past 24 hours. The price is struggling to reclaim the $1.00 resistance level, showing signs of weakening bullish momentum.
The Relative Strength Index (RSI) is at 44, indicating a neutral-to-bearish sentiment.
The MACD indicator also signals a lack of strong momentum. The MACD line is below the signal line, showing a slightly bearish crossover.
For Cardano price prediction to regain bullish momentum, it must break the $1.00 psychological resistance and establish a higher trading range. If it succeeds, the next resistance to watch is $1.10. However, failure to hold current levels could lead to a drop toward $0.90, with $0.85 as the next key support.
Cardano Price Chart: TradingView
Can Bulls Catalyze 40% Move for ADA?
Crypto analyst Ali has highlighted a potential breakout for Cardano price, noting that the asset is consolidating within a symmetrical triangle pattern. According to his analysis, this technical formation suggests a decisive move up to 40% is imminent.
The analyst illustrates the narrowing price range of ADA, with both lower highs and higher lows forming a converging triangle. Typically, symmetrical triangles indicate a period of consolidation before a significant breakout in either direction.
Cardano’s price faces a critical juncture, with significant risks and opportunities ahead. Market participants are eyeing key resistance and support levels, while technical indicators remain mixed. Whale activity and symmetrical triangle patterns add further intrigue, setting the stage for a decisive move.
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