Cardano ADA News: Price Faces Uncertainty as Whales Offload Holdings

Cardano (ADA) is experiencing some volatility in the market, with whales offloading their holdings and the price facing uncertainty. Here’s a detailed update on the latest developments and predictions for the cryptocurrency.

Cardano Whales Offload Holdings as ADA Faces Uncertainty

Cardano whales are offloading their holdings, as indicated by declining whale addresses. The Average Directional Index (ADX) for ADA has dropped to 23.4, suggesting that the ongoing downtrend may be losing strength. Given these indicators, the ADA price could soon test key resistance levels at $0.64.

Cardano Price Prediction and Market Update

Cardano price declined 5% before stabilizing around the $0.70 mark on Thursday. Following positive CPI and PPI readings, CME Group data shows a 99% chance of a delayed Fed rate hike. Multiple derivative markets reflect bearish momentum intensifying among ADA short-term traders. Despite some bullish signals, the US trade war impact outweighs the positive shift in inflation indices. Cardano finds support at $0.70 as bears tighten their grip after a failed attempt to reclaim the $1 mark earlier in the week, underperforming its layer-1 competitors.

Cardano Price Testing KEY Support Level – Massive Crash Coming?

The Cardano (ADA) price is currently testing a key support level NEAR its 200DMA, which was a strong area of support in recent weeks. IfADA breaks convincingly below this level and also below its February lows, it could signal the beginning of a medium-term bearish trend. Risk appetite in broader financial markets has declined, which may justify a near-term bearish trend for Cardano.

Cardano (ADA) Struggle Persists—Is a Rebound Still Possible?

Cardano price started a fresh decline below the $0.720 zone and is currently correcting some losses. It might face resistance near the $0.7750 level. ADA price started a recovery wave from the $0.650 zone but is still trading below $0.720 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.7050 on the hourly chart. The pair could start another increase if it clears the $0.720 resistance zone. In the past few days, Cardano saw a bearish wave below the $0.7750 level, similar to Bitcoin (BTC) and Ethereum (ETH). It declined below the $0.750 and $0.720 support levels and tested the $0.650 zone, forming a low at $0.6495. Recently, the price started a recovery wave, climbing above the $0.6950 level.