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Cryptocurrency market movements are largely influenced by the actions of "whales" – entities that hold a substantial amount of a particular cryptocurrency. Their trades can significantly impact the price and liquidity of the asset in question. In the case of Cardano (ADA), recent data indicates that whales have been engaging in a notable sell-off.
According to X, over 70 million ADA tokens have been sold by whales in the past 2 days, exerting noticeable downward pressure on the price of ADA. This coincides with a broader price decline that ADA has experienced since late December, showing a decreasing trend into early January with some temporary rebounds.
Over the past 48 hours, ADA price dropped around 4% and is currently trading at $0.92. This coincides with a significant sell-off observed among ADA whales.
Data reveals that large holders, particularly those with 100 million to 1 billion ADA, have reduced their holdings substantially. Collectively, their holdings now total around 3.26 billion ADA, indicating a shift towards selling activity.
Whales sold over 70 million #Cardano $ADA in the last 48 hours!
— Ali Martinez (@ali_cryptomundo) January 6, 2023
As ADA price continues to decline, it approaches crucial support levels. At the time of writing, ADA trades at $0.92, which could serve as a psychological support zone. However, if the selling pressure persists, we might see ADA price testing levels below $0.90.
On the other hand, the $1.00 mark has acted as a resistance level recently, where ADA price encountered difficulties in maintaining momentum to trade above it.
The massive whale sell-off raises questions about whether ADA price is set for a further decline. While鲸鱼 movements certainly influence market direction, it’s crucial to remember that ADA’s price isn’t solely determined by large holders.
Market sentiment, the broader crypto market conditions, and Cardano’s technological developments all play significant roles in determining its price.
The current situation warrants caution, as continued selling pressure from Cardano whales could lead to increased volatility. However, predicting a definitive crash based solely on whale activity would be speculative, as markets often demonstrate resilience and can find support from other market participants or positive fundamental developments.
Read also: Hedera (HBAR) Could Face Major Decline If This Support Fails
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