Cardano Price- ADA Struggles Below Support but Whale Buying Suggests Hope
Cardano Price– Cardano (ADA) has experienced a notable decline over the past week, dropping more than 10%, making it one of the larger weekly losers in the cryptocurrency market. This drop came after ADA broke below a key uptrend support line it had maintained since April 7. According to reports, “The break signaled weakness and altered trader sentiment from bullish to bearish,” leading to increased selling pressure.
Demand Zone and Whale Activity
Despite the decline, ADA has found support at a significant demand zone that has historically attracted strong buying interest. On-chain data from CryptoQuant analyzed by AMBCrypto shows that large holders, or whales, have been accumulating substantial buy orders near this level. This spike in whale activity suggests increased investor interest at current price points and hints at a possible foundation for price recovery.
Short-Term Outlook
Over the past 24 hours, ADA has recovered approximately 3%, indicating early signs of buying momentum. Whales accumulating in this area typically signal medium-term optimism. However, the demand support remains fragile, and failure by buyers to capitalize on the momentum could result in further declines. Traders are closely watching for ADA to form a higher low and reclaim the broken trendline to confirm any potential reversal.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
