Cardano Price Drops as Whales Start Selling
Cardano (ADA) fell 2% on Thursday. Large holders, called whales, began selling their coins. This shift followed ongoing risk-off moods in the crypto market. Wallets with 10 million to 100 million ADA cut 370 million tokens last week. These whales had been buying since mid-October but stopped recently.
Wednesday saw increased selling, shown by a rise in the Age Consumed metric. This tracks the movement of older tokens. Profit-taking jumped by $19 million that day. Most ADA sellers in November accepted losses, as ADA’s price dropped nearly 30% since the month started.
Derivatives Show Growing Interest in Cardano
On the derivatives market, ADA’s open interest grew 30% to 1.64 billion ADA in one week. This rise began a month ago despite the price drop. Binance data shows more top traders long ADA than short it, by 2.8 to 1.7 times. This suggests bullish bets by big accounts. Funding rates for ADA stayed low at 0.0077%, with some negative spikes over the week.
Cardano Faces Risk of Falling to $0.30 Support
ADA’s price dropped 2%, extending weekly losses to 20% on Thursday. The token is testing a key support zone between $0.45 and $0.42. If it breaks below $0.42, ADA could drop further to the $0.30 level.
On the upside, ADA must rise above $0.45 and pass the 20-day EMA resistance. Doing so could target a move to the $0.60 level. Both the RSI and Stochastic indicators show oversold conditions. This signals strong bearish momentum but hints at a possible short-term price rebound.
