Cardano’s ADA Trades at $0.62 Amid Whale Selling and New Product Launch
Cardano's ADA decreased by 1.71% over the last 24 hours, trading at $0.6229 on June 14. The price briefly dropped to $0.6176 amid significant selling pressure from large holders, who sold over 270 million ADA worth approximately $170 million.
The Cardano Foundation launched a new product called Originate, aimed at enterprise adoption. This blockchain-based solution verifies product origin and authenticity, helping businesses streamline compliance and protect against counterfeits. It allows for digitization and tracking of critical product data on-chain, facilitating instant verification.
Key points include:
- ADA ranged between $0.6176 and $0.6428, closing near $0.6229.
- Strong resistance is observed near $0.642–$0.645, with support broken at $0.636.
- Volume spikes occurred after 18:00 GMT as price dipped below $0.62, leading to a brief sell-off followed by consolidation.
- Trend remains bearish, characterized by lower highs and rejection at $0.635.
- Near-term stabilization is suggested, but whale activity continues to influence market direction.
ADA was recently added to the Nasdaq Crypto Index, increasing its institutional profile despite fragile short-term sentiment due to macro trends and whale behavior.