By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
KriptotekaKriptoteka
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Reading: Cardano’s 40% Rally at Risk After 140M ADA Sold by Whales?
Share
Notification Show More
Font ResizerAa
Font ResizerAa
KriptotekaKriptoteka
  • Home
  • News
  • Market
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Kriptoteka > Market > Altcoins > Cardano’s 40% Rally at Risk After 140M ADA Sold by Whales?
Altcoins

Cardano’s 40% Rally at Risk After 140M ADA Sold by Whales?

marcel.mihalic@gmail.com
Last updated: September 14, 2024 10:16 am
By marcel.mihalic@gmail.com 4 Min Read
Share
SHARE

Cardano (ADA) has been trapped in a downward channel for the last five months, looking for an opportunity to break free. Despite experiencing some fluctuations, the cryptocurrency is positioned for a possible upward movement.

Nonetheless, recent events, including a significant selloff by whale investors, have added a layer of uncertainty to the market, raising concerns about the altcoin’s upcoming performance.

Positive Indicators for Cardano Appear

Whale investors in Cardano are increasingly doubtful about ADA’s short-term price trends. Recently, accounts holding between 10 million and 100 million ADA have liquidated around 140 million tokens, valued at over $50 million, showcasing a cautious stance towards the cryptocurrency.

While this development has sparked unease, similar past selloffs have resulted in bullish scenarios. Large whale selloffs frequently open the door for smaller investors to capitalize on buying opportunities.

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

Cardano Whale Holdings.
Cardano Whale Holdings. Source: Santiment

In spite of this, the general sentiment in the market remains cautiously optimistic. The selloff has added some short-term pressure, but the long-term outlook indicates that downturns instigated by whales could produce a rebound in price.

From a broader perspective, Cardano continues to exhibit solid momentum regardless of recent market shifts. Overall investor sentiment regarding the project remains positive, suggesting ADA could be on the verge of meaningful gains irrespective of the current volatility, bolstered by favorable market dynamics.

Cardano Weighted Sentiment.
Cardano Weighted Sentiment. Source: Santiment

ADA Price Prediction: Targeting Higher Ground

Cardano’s price is approaching a potential breakout from the descending channel that has constrained its movements for the past five months. Although ADA has attempted to exit this channel unsuccessfully on two occasions, the current market landscape suggests another breakout might be imminent. Investors are focusing on the crucial resistance level at $0.37, which could be pivotal for determining whether the cryptocurrency can escape its downward trajectory.

Should ADA manage to convert the $0.37 resistance into support, the altcoin could potentially see a 40% increase, aligning with estimates derived from the ongoing chart pattern. Such an increase would set ADA on a path towards a target of $0.51, representing a significant recovery from its recent lows and instilling confidence among investors.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Cardano Price Analysis.
Cardano Price Analysis. Source: TradingView

However, if the breakout does not succeed, Cardano may need to retest the $0.34 support level. A further decline past this point could see the altcoin drop to $0.31, raising alarms about prolonged sideways movement and potentially jeopardizing the bullish outlook.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is meant for informational purposes only and should not be construed as financial or investment advice. BeInCrypto strives for accurate and impartial reporting, but market conditions can change without prior notice. Always perform your own research and consult with a professional before making any financial choices. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been revised.

You Might Also Like

Bitcoin Dominance Hits 59.2%: Are Altcoins Facing Decline?

Axelar Crypto Surges 43% in October: Cool-Off Ahead?

Bitcoin Expected to Experience One Last Shakeout Soon

Bitcoin Struggles as Tether Faces Probe and Middle East Tensions

Bitcoin Dip Causes Altcoins to Decline Further, Market Cap Drops

Share This Article
Facebook Twitter Email Print
Previous Article Wizarbit: Quick and Easy Cryptocurrency Exchange Review
Next Article Crestal’s Intent Marketplace: Empowering Developers in Web3
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow
- Advertisement -
Ad image

Latest News

4 Cryptos to Challenge Solana: Potential Growth for Investors
Defi
Bitcoin ETF Inflows Exceed $3B, Demand Reaches 6-Month Peak
ETFs
Japan’s Push for Bitcoin and Ethereum ETFs Gains Momentum
Institutions
Ripple Appeals Court Ruling on XRP’s Institutional Sales
Meme
//

We influence millions of users and is the number one Crypto and Web3 news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
nl Dutchen Englishfr Frenchde Germanel Greekit Italianpt Portugueseru Russianes Spanish
en en
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?