14 hour ago
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Cardano Drops Below $0.60 as Whales Sell 4 Million ADA
Cardano (ADA) is experiencing increased selling pressure, with its price falling below the critical $0.60 level. This has diminished bullish momentum and introduced strong resistance amid a market downturn marked by caution.
- The sentiment toward Cardano has turned bearish, reflecting uncertainty about short-term price stability.
- Whales have offloaded over 4 million ADA recently, contributing to the decline and amplifying bearish sentiment.
- Short-term panic selling may be triggered as retail traders react to whale activity.
Cardano's price is currently around $0.54, struggling to surpass its moving averages, which now serve as resistance between $0.70 and $0.75. The daily chart indicates bearish control, with lower highs and lows since late September.
- A local demand zone at $0.50–$0.52 may offer temporary support.
- Volume spikes suggest active selling, likely by whales.
- A sustained daily close above $0.60, along with a recovery in BTC and ETH, is necessary for a reversal.
The outlook remains cautious, with further downside risks if macro sentiment does not stabilize.