Cardano (ADA) Whales Dumped 180M Tokens in 5 Days as Price Spiked Slightly

Recently, a pool of large Cardano holders (whales) sold about 180 million ADA tokens in just 5 days, as a slight upswing in the price of ADA took place.

A pool of large Cardano (ADA) holders, commonly known as "whales," sold off about 180 million ADA tokens in just 5 days, noted crypto analyst Ali (@ali_charts). This was done as a slight upswing in the price of ADA took place, which the analyst believes is simply due to the whales taking profit.

In the chart he posted, there was a small upward price movement during the week, alongside a decrease in whale holdings. At press time, ADA’s price has increased by 1.6% in the last 24 hours, trading at $0.627.

The recovery has been slight, but it nearly erased the losses Cardano‘s native token recorded over the previous week.

Before ADA began to recover, it faced selling pressure at the start of the week because of wider economic concerns in the global economy.

Therefore, the price collapsed for three consecutive days. However, buyers stepped in at the $0.594 mark, a level of solid support, coinciding with a rise in ADA’s price.

Cardano Holds Firm at $0.60 Amid Whale Sell-Off

Still, opportunities to buy ADA remain as long as the price is staying above the $0.60 mark. This means buyers are defending this level and not allowing the price to fall further.

An additional buying pressure could bring the coin’s price above $0.63. The next target for ADA’s price is the one corresponding to the 50-day Simple Moving Average, which is currently around $0.70.

If ADA can break above this level, it could continue its rise towards $0.83.

However, should ADA break the support level below $0.59, the price may decline to the next support level at $0.50.

If $0.50 is breached towards the downside, it would indicate that the recent upward momentum is ending and further decline is likely. If that is the case, the next level where ADA could find some support could be around $0.40.