Cardano struggles at $ 0.70 when Whale sells: Will there be down to $ 0.50?

Cardano (Ada) is facing a crucial moment because of difficulty in maintaining support at the level of $ 0.70, while large holders (Whale) start selling their token. With bitcoin fluctuating around $ 83,000, there is a fixed in the consolidation phase, triggers concerns about the possibility of a decline to $ 0.50. Can Whale activity trigger a deeper decline? Let's analyze the situation. At present, the price of cardano is traded in the consolidation range, moving between the levels of Fibonacci Retracement 38.20% and 50%, namely at $ 0.6673 and $ 0.7746. When this article was written, it was at the price of $ 0.7219, up 2.44% in the last 24 hours. This small increase compensated by a decline of 5.61% on Sunday, which formed the Evening Star pattern - a bearish indicator that implies the potential for further decline. Technical indicators are still neutral. Bollinger bands move horizontally, while the MACD line and signal line are near the zero line. However, the average movement (moving average) which shows negative tendencies indicates the possibility of bearish results in the near future. Increasing uncertainty, Whale Cardano began to reduce their ownership. According to Krypto analyst Ali Martinez, large investors have sold 100 million tokens in the past week. Based on data from Santiment, Martinez revealed that a wallet that has between 1 million to 10 million has reduced their ownership to 5.89 billion tokens. This significant decline creates concerns about the decline in investor confidence and the potential for increasing selling pressure. If there is penetrating under the current consolidation range, the Fibonacci Retracement level shows the possibility of a decline up to the level of 23.60%, which is parallel to the long -term support trend and is slightly above the psychological level of $ 0.50. On the other hand, the bullish scenario will need to be there to return to the 50% Fibonacci level at $ 0.7746. If this happens, there can provide a strong buying opportunity, potentially pushing prices towards psychological resistance at $ 1.00. Cardano prices are currently at the intersection. Whale activity and technical indicators show the risk of decline, but breakthroughs above $ 0.7746 can reverse momentum towards bullish. #cardano #cardanonews #cardanonewstoday #adapricprediction #adacardano