Key control
Cardano whales sold 30 million ada last week, adding pressure when Emas became bassist. With the sliding of price under key areas, the question persists: how much deeper the ADA can fall?
The last 24 hours saw the price of Cardano [ADA] Lift slightly at approximately 2.50%. In addition, the negotiation volume increased by 69% reaching $ 1.45 billion in the day.
The founder of Cardano, Charles Hoskinson, said his goal was a final victory against Ethereum [ETH]. Despite rhetoric, whales moved in the opposite direction.
Whales volcan in demonstrations
The last seven days have been characterized by strategic sale by whales. According to Ali Martínez in X (previously Twitter), around 30 million ADAs were downloaded in this period after the price reached a local $ 1.01.
Ambcrypto observed from the table that whales began selling to $ 0.92, since the price failed to return to $ 1, an indication of innovation. At that time, the whale balance was 5.57 billion ADA.
Source: Ali Martinez/X.
This activity added down pressure, but the price slightly bounced from an accumulation zone of around $ 0.80.
Ada quotes under the EMAS key
In the price lists, Ada tried to stay above the $ 0.80 area.
A wait about this area may indicate that the price of Cardano was in a cooling phase since August 14. The volume in this peak almost coincided with the one seen on March 2, that is, when the profits intensified.
The long -term upward trend remains intact unless the lowest is violated at $ 0.70. However, the Cross Cross indicator now points out the bassist impulse, which suggests that a slide towards $ 0.70 is at stake.
If $ 0.70 fails, the bullish structure is broken, opening the way to $ 0.57– $ 0.51. That area marked the double background of the bearish market.
Source: Crypto Metric/Coinmarketcap
Alternatively, intelligent money could resume accumulation of $ 0.57, which caused an investment. Without a new demand, the ada risks even more the disadvantage.
Short Squeeze or Drowre deeper?
The most descending potential increased the massive shorts that are just above the action of the recent price compared to the lengths under it.
For the context, around $ 17 million in Ada were grouped between $ 0.82 and $ 0.85 zones.
A brief tight of these shorts could cause a return movement to $ 1. On the contrary, they could combine the sale that drags the price below $ 0.80.
Source: Canderlasss
On the contrary, the lengths grouped around $ 0.78 were approximately half the size of the shorts.
This area can serve as a point of reversion. If the price sweeps those orders and does not recover, Ada could fall to $ 0.76 below.
