ADA, the native cryptocurrency of the Cardano network, has witnessed a 4.5% loss during Wednesday’s market session to currently trade at $0.65. The surge in selling pressure can be attributed to broader market pullback as the U.S. President Donald Trump’s imposter 25% tariff on the European Union. Amid the extended correction, the Cardano price faces a major support breakdown as whale selling pressure fuels bearish momentum.
By the press time, the Cardano price trades at $0.64 with a market cap of $22.7 Billion.
Key Highlights
- Large Cardano (ADA) holders have offloaded over 170 million ADA tokens, raising concern for further correction.
- The Cardano price breakdown below $0.648 support sets a potential drop of 20%.
- The combination of high OI and a bullish funding rate could lead to ADA testing key resistance levels.
Cardano Faces Selling Pressure as Whales Unload 170M ADA
In a recent tweet, crypto analyst Ali Martinez reported that large Cardano (ADA) holders, commonly referred to as “whales,” have offloaded over 170 Million ADA tokens in the past 96 hours. The accompanying chart reflects notable price fluctuations coinciding with the whale activity, signaling possible profit-taking or market sentiment shifts among institutional players.
Amid market correction, whale exodus puts additional selling pressure on Cardano price, signaling risk for another breakdown.
Cardano Price Prepares Next Breakout in Pennant Pattern,
Since last week, the Cardano price has plunged from $0.81 to $0.64 current trading value, registering a loss of 21%. The bearish reversal forms a new lower high in the daily chart, indicating the sellers continue to follow a sell-the-bounce sentiment.
With a potential bearish crossover between the 20-and-100-day EMA slope, the ADA price teases a breakdown below the 61.8% FIB level and $0.648 floor. Generally, a correction to lower levels of the Fibonacci retracement level indicates weakness in buyers’ conviction.
If the daily candle closes below $0.648, the sellers could drive 21% down to hit the $0.5 psychological level.
Also Read: Bitcoin Price Historical Pattern Hints at Rebound Timeline
