The Reasons Behind #cardano 's Difficult Price Drop Below $0.7

The recent decline in the price of Cardano (ADA) below the $0.7 psychological barrier has a reasonable cause. After reaching a monthly high of $0.8 on March 14, the crypto token had a steep decline and has since been unable to regain that level of support.

Responsible for the Decline in Price: Cardano Whales

Santiment, a cryptocurrency monitoring tool, reports a decline in the number of "whale" transactions (those worth $100,000 or more) on the network since March 14. It seems that ADA whales started taking gains at that time, when Cardano achieved a high of $0.8, and have been gradually getting out of their holdings ever since.

Even the leading cryptocurrency, Bitcoin, was not immune. After weeks of seeing Bitcoin's parabolic climb to a new ATH of $73,750, investors opted to cash out. It seems that long-term ADA holders also took advantage of the chance to cash out, since Santiment data reveals that a large number of idle ADA tokens were also traded around that time.

How Long Before #ADA Reaches $1?

Cardano, like the cryptocurrency market as a whole, seems to be slowly but surely bouncing back from the latest wave of profit-taking. Some think the crypto coin may finally be able to breach the $1 obstacle on its next trip up. According to crypto expert Dan Gambardello, ADA has the potential to reach a price range of $1.4 to $1.5 if it manages to break out of the $0.8 area.

Whale transactions above $100,000 are anticipated to increase in the near future, suggesting that ADA whales will soon be back in the fold. An increase in the volume of these transactions would indicate that these investors are buying $ADA at a discount to capitalize on its current price drop. Depending on the future bullishness of these investors, it might be a factor that drives up the price of ADA.