Cardano's price faced uncertainty in March as whales sold nearly 200 million ADA, increasing selling pressure.
Whale Sell-off Adds Pressure to Cardano Price
A significant whale exodus has put Cardano under selling pressure, leading to its 10% weekend drop. According to Ali Martinez, on-chain data from Santiment confirmed that whales collectively sold 200 million ADA, preventing an immediate price recovery. Historically, such large transactions have triggered further downward movement unless strong buying pressure counteracts the effect.
Technical Indicators Signal Mixed Market Sentiment
On the daily chart, there is bearish pressure for Cardano after its inability to rise above the 200 EMA, giving three red candles. However, the Doji candlestick diagram at 0.60 indicates that the downtrend is slightly weakening and a possible start of reversal. Moreover, at the 50% Fibonacci retracement level, it is currently in the potential bounce zone. Should ADA price break above the 61.8% Fibonacci level on 0.73, traders will aim to achieve the 0.92 such in the coming days. Conversely, the MACD and signal lines show a negative crossover, increasing the risk of further downside.
Analysts Weigh in: Will Cardano Price Recover?
Market analysts remain divided on ADA’s next move. Ali Martinez warned that if Cardano price fails to reclaim the 0.70-0.80 support range, the price may fall toward 0.31-0.24, following past breakdown patterns. Meanwhile, Master Kenobi, another crypto analyst, points out that ADA’s current consolidation resembles its August 2024 structure, which later resulted in a rally. If history repeats, ADA price could surge toward 2.50 by May. Moreover, the whale’s activity continues to be the most crucial factor that dictates price movement. If major investors continue to dump ADA, bearish pressure will arise and make it challenging to find support. But if the retail investors and institutional buyers buy the dips, then a sharp upward movement could be observed.
In the short term, key levels to watch remain the resistance at 0.73 and support at 0.60. Continued whale activity and technical indicators will play a major role in determining Cardano's price future.
