During the recent sharp market decline, whales focused on accumulating assets, but Cardano (ADA) remained outside their radar. Experts report that whales did not purchase ADA during the dip but instead dumped millions of ADA tokens onto exchanges.
330 Million ADA Dumps on Exchanges
The report stated that whales dumped 330 million ADA tokens on exchanges during the recent dip. Despite this, ADA's price rebounded by over 62%, surpassing a crucial $0.71 support level. ADA is currently trading near $0.77, though trading volume has decreased by 55%, indicating lower activity.
Cardano (ADA) Technical Analysis and Upcoming Levels
The current level serves as strong support, potentially impacting ADA's future trajectory. Technical analysis indicates support from the 200 EMA on the daily timeframe, suggesting an uptrend. If ADA holds this support, it could rise to $1.12, facing mild resistance near $0.83.
Traders’ Strong Long Bets
Despite ADA's positive outlook, many traders are betting on the long side. Major liquidation areas are $0.738 and $0.703, where bulls have over-leveraged positions. Conversely, $0.781 is a key level for over-leveraged short sellers.
Expert opinions combined with recent market data suggest bulls are present in ADA's market, potentially supporting future gains.
