#Cardano
Cardano ($ADA ) Under Pressure: Cooling Futures and Whale Selling 📉
Cardano's (ADA) recent price rally has hit a snag due to waning trader interest and profit-taking by large holders.
🔑 Key Takeaways:
Futures market cooling: ADA Open Interest has dropped 9% over the past week-from $1.99 billion to $1.81 billion-as traders reduce leveraged positions.
Whales offloading: According to Ali Charts, large holders have sold approximately 90 million ADA (worth around $22.5 million) since September 20.
Technical analysis: A sell signal from the Tom DeMark Sequential indicator played out on the daily chart; the price has already fallen 10%, and the correction may continue.
📊 Key ADA Levels:
$0.24 - Parallel channel midline and local support level.
$0.21 - Lower channel boundary. If the $0.24 level fails to hold, ADA could head here, potentially offering a new entry point.
$0.28 - Target resistance level near the upper channel boundary in the event of a rebound.
⚠️ What’s happening with Bitcoin ($BTC )? While the broader market moves sideways, BTC whales have also significantly reduced their positions over the past week-by approximately 30,000 BTC (~$2.52 billion)-indicating a general reduction in risk exposure among major players.
Cardano ($ADA ) Under Pressure: Cooling Futures and Whale Selling 📉
Cardano's (ADA) recent price rally has hit a snag due to waning trader interest and profit-taking by large holders.
🔑 Key Takeaways:
Futures market cooling: ADA Open Interest has dropped 9% over the past week-from $1.99 billion to $1.81 billion-as traders reduce leveraged positions.
Whales offloading: According to Ali Charts, large holders have sold approximately 90 million ADA (worth around $22.5 million) since September 20.
Technical analysis: A sell signal from the Tom DeMark Sequential indicator played out on the daily chart; the price has already fallen 10%, and the correction may continue.
📊 Key ADA Levels:
$0.24 - Parallel channel midline and local support level.
$0.21 - Lower channel boundary. If the $0.24 level fails to hold, ADA could head here, potentially offering a new entry point.
$0.28 - Target resistance level near the upper channel boundary in the event of a rebound.
⚠️ What’s happening with Bitcoin ($BTC )? While the broader market moves sideways, BTC whales have also significantly reduced their positions over the past week-by approximately 30,000 BTC (~$2.52 billion)-indicating a general reduction in risk exposure among major players.
