Cardano's (ADA) price has hit critical support levels due to reduced activity from large investors, leading to instability.
Cardano Whales Withdraw from the Market
Since the beginning of the year, Cardano has struggled to exceed the $1 mark, reducing interest from major investors. According to data from IntoTheBlock, net inflow from large ADA holders, who possess over 0.1% of the total supply, has dropped by 90% in the past week. This explains the high volatility in ADA's price.
Can ADA Coin Rise Again?
ADA's price has fallen below the rising trend line, creating a downward channel. As the price reaches the lower support trend line, an upward reaction has begun. For this movement to confirm a new upward wave, it needs to continue.
Cardano Price Analysis
Technical indicators are signaling upward trends. The Chaikin Money Flow (CMF) indicator and the Relative Strength Index (RSI) are providing bullish signals. If ADA can surpass the $0.786 level, it may initiate a strong movement towards the $0.90 level. However, a more significant rise requires renewed investor confidence.
The price uncertainty of Cardano increases investor interest in buying opportunities, and further growth will depend on the restoration of market confidence.
