Cardano Whales Sell 50 Million ADA as Retail Sentiment Weakens
Cardano's selling pressure is increasing as large investors unload their holdings, contributing to a weakened sentiment among retail traders. Currently, ADA trades at $0.8244 with a daily trading volume decrease of 4.39%.
- Whales sold 50 million ADA within 48 hours, potentially impacting prices short-term.
- ADA is approaching the $0.80–$0.82 support zone, which may serve as a recovery base or indicate further declines if broken.
- Community sentiment has shifted bearish, with positive to negative comment ratios dropping from 12:1 to 1.5:1 since early August.
- Three weeks of decline have tested investors' patience; however, this bearish mood can signal contrarian opportunities for whales to accumulate at lower prices.
- Technical analysis shows ADA is at a critical Fibonacci retracement level of $0.82, marking a potential "make-or-break" point.
- If ADA maintains its channel, it could revisit $1 and potentially reach higher targets of $1.20 and $1.40.
Current market dynamics indicate that if the support holds, ADA may attempt a recovery towards higher price levels in the coming months.