Cardano ADA News: Market Crash Leads to Whale Sell-Off, Future Hinges on Grayscale ETF Approval

The price of Cardano’s native token, ADA, has taken a significant hit as whales offload millions of tokens amid market turmoil. Here’s a closer look at the developments and what the future holds for the cryptocurrency.

Millions of ADA Sold by Cardano Whales During Market Crash

Cardano’s ADA dropped by double digits in a week, with whales offloading over 170 million tokens. The asset plunged to as low as $0.63, representing a 15% decline on a seven-day scale, despite a slight rebound to $0.67. The negative trend could continue. Hopes for a rebound rest on the potential approval of a spot ADA ETF filed by Grayscale, which could attract traditional investors and boost demand.

Cardano (ADA) Under Pressure: Bears Target $0.50 Breakdown

Cardano price has started a fresh decline from the $0.70 zone and is now consolidating losses, at risk of dropping below the $0.60 level. The price has moved below $0.6850, $0.6650, and $0.6350, with a low formed at $0.6016. A connecting bearish trend line is forming with resistance at $0.660 on the hourly chart. If the price clears the $0.70 resistance zone, it could start another increase.

Cardano: 130M ADA Bought by Whales, Yet Price Continues to Fall

In the last 72 hours, whales have purchased over 130 million ADA, signaling renewed interest in Cardano. However, the price of ADA continues to face bearish pressure, trading at $0.5912 with an 11.65% decline in the past 24 hours. The recent whale activity could indicate renewed confidence, but it remains uncertain if this marks the beginning of a strong upward movement or just a short-term fluctuation. Key levels to watch for Cardano’s price action include its bearish trend over the past few weeks.

Cardano (ADA) Drops 15% in a Week Amid Strong Downtrend

Cardano (ADA) has experienced a 15% drop in a week as whales continue to sell. Technical indicators show a strong downtrend, with the Average Directional Index (ADX) rising to 46.8, signaling intensified selling pressure. If key support levels hold, ADA could potentially reverse its trend and break above $1 in March.