Cardano’s price has been stuck inside a downtrend channel for the past five months, searching for a potential breakout. Despite the volatility, the cryptocurrency is poised for a rally.
The recent heavy sales of large whale investors have created uncertainty in the market and raised questions about the future of the altcoin. Cardano's large investors are more cautious about ADA's short-term price movements. In particular, wallets holding 10 million to 100 million ADA sold approximately 140 million tokens. The total value of these sales is over $50 million, which shows that investors are cautious about the cryptocurrency.
While this move is concerning, prices have been seen to rise following similar whale sales in the past. Selling by large investors could create buying opportunities for smaller investors.
The overall market sentiment remains cautiously optimistic. While short-term whale sell-offs are weighing on the market, the long-term outlook is positive for Cardano. It is thought that these sell-offs could have an adverse effect on the price in the long run.
Bullish Signals for Cardano
Cardano whales are increasingly wary of ADA’s short-term price movements. In recent days, wallets holding between 10 million and 100 million ADA tokens have sold a total of approximately 140 million ADA. The total value of these sales exceeded $50 million, and investors are observed to be more cautious towards the cryptocurrency.
This may be alarming, but similar whale sales have resulted in price increases in the past. Selling by large investors can present potential buying opportunities for smaller investors.
ADA Price Forecast: Targets High
Cardano’s price is approaching a breakout from the downward channel, where it has been moving limitedly for the past five months. ADA has attempted to breakout twice during this time, but failed. However, current market conditions indicate that a new breakout is imminent. Investors are closely monitoring the critical resistance at $0.37. If this level becomes support, Cardano is expected to rise by 40%. In such a case, ADA could reach $0.51, which would represent a significant recovery from its recent lows.
However, if the breakout does not occur, Cardano is likely to retest the $0.34 support level. If this support is broken, the price may fall to $0.31 and the risk of a sideways trend may arise, which would disappoint bullish expectations.
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