Cardano (ADA) sale imminent? Whales sell 70 million tokens
Amid market uncertainty, ADA, the parent of the Cardano blockchain, appears depressed as whales dump their holdings.
Whales sell 70 million ADA tokens
Today, January 9, 2024, a prominent crypto expert announced on X (formerly Twitter) that CryptoWales has released a significant 70 million ADA tokens.
A post on X said this significant dump occurred in the last 48 hours, signaling the beginning of a market collapse. However, the impact of this significant dumping has already been reflected in ADA prices, which have fallen more than 20% since the market crash began.
ADA technical analysis and price forecast
This sharp decline has caused ADA to breach one of its key support levels at the $0.95 mark, and appears to be closing the daily candle below it. Based on the recent price action, if the altcoin closes the daily candle below this critical support level, there is a strong possibility that it could drop further by 20% to reach the $0.75 mark.
Meanwhile, the ADA Relative Strength Index (RSI) is approaching oversold territory, suggesting a possible rally, with continued selling of whales casting doubt on a short-term recovery.
51 million dollars from exchanges
In addition to popular sales discounts over the past 48 hours, some longtime owners appear to be collecting ADA, according to chain analytics firm Koenigles.
Data from Spot Inflow/Outflow shows that exchanges have received more than $51 million worth of ADA tokens. This indicates that token holders have spent these large amounts of money in exchange, which is more likely to be accumulated and more likely to be purchased.
Depending on the upcoming political event, this may be a good opportunity to buy a dip.
Currently, ADA is trading at around $0.92, down more than 7.5% in the last 24 hours. This decline in prices caused concern among traders and investors and reduced trading volume.
