Cardano Price Analysis: Market Eyes $0.63 Support As Whales Dump 100M ADA
- On-chain data reveals that Cardano whales offloaded over 100 million ADA tokens in the past week while keeping investors on the edge.
- Analysts identify $0.63 as a critical support level for ADA, with a potential downside target of $0.54 if breached.
Cardano (ADA) price has been consolidating in a narrow band between $0.63 and $0.65 over the past 24 hours. This indeed reflects a period of uncertainty amid overall crypto market fluctuations and notable whale activity. As of the latest data, ADA price stood at $0.6362, down by 1.87% on Tuesday, April 15. Whilst, the token recorded a 24-hour high of $0.6557 and a low of $0.6301, reflecting tight price action in the near term.
What’s Next For Cardano Price?
The future of ADA price remains undecided in the short term, but it’s worth noting that it has gained over 6% on the weekly chart. However, zooming out to a 30-day perspective, the token has lost around 10%. This has raised questions about the sustainability of its recent upward momentum.
For further context, after bottoming out at $0.51 on April 7, the price has since recovered a great deal. Nonetheless, traders remain wary with major selloff from the large holders particularly concerning.
According to on-chain data, Cardano whales sold over 100 million tokens in the past week. Crypto analyst Ali Martinez has highlighted this trend in the crypto community, and it is generating discussions among its members concerning what it means. To some, such a move may be profit-booking after ADA’s recent rally. Meanwhile, to some, it may be a potential indication of reduced confidence in forthcoming growth.
Thus, Cardano’s founder Charles Hoskinson also added his two cents to the spotlight on ADA by saying that the ADA network might help Bitcoin adoption, as reported earlier. In addition to this, he also hinted at future collaborations and technological developments to come within the Cardano ecosystem as well. The comments served temporarily to boost market sentiment, but the investment mood still remains hammered by huge selloffs.
Technical Standpoints For ADA Price
Technically speaking, ADA price is currently trading within an overall descending channel pattern. Martinez says $0.63 serves crucial support for Cardano’s price. If the token breaches below, there is a possibility that further losses could take place to a downside target of about $0.54.
On the other hand, Trader Tardigrade, another popular crypto analyst on X, thinks there is still a chance of a bullish breakout. In a recent post, he noted that ADA price could retrace to around $0.6422 before starting up. Moreover, Tardigrade has identified $0.64 as a good entry point for buyers while suggesting the likelihood of $0.73 as the next consolidation zone for ADA, as highlighted in our previous report.
Thus, traders are keenly looking at the $0.63 support and $0.65 resistance levels as conflicting forecasts circulate. These zones are expected to be pivotal in determining ADA’s next significant move. Moreover, the coming days could see heightened volatility, especially if the price breaks decisively in either direction.