Cardano (ADA) price has struggled to defend its position above an essential support point at $0.63. This top altcoin may face a potential price decline because whales executed substantial ADA token sales.
Whales selling off tokens often leads to a short-term price pullback. In fact, larger crypto market momentum remains shaky which further reduces ADA price’s chances of a big comeback.
This article would deep dive into ADA price action to see how external factors and on-chain data contributes to Cardano’s price trajectory.
Over 100 Million ADA Offloaded by Whales
Recent data shared by analyst Ali Martinez showed that whales sold more than 100 million ADA units during the past few weeks. The considerable sell-off activities have created uncertainties regarding Cardano price trajectory.
Large whale offloading activities usually reduce market liquidity and push cryptocurrency prices downward.
In addition, the offloading of ADA by whales suggested a shift in sentiment within the market, with many investors taking a more cautious stance.
Such movements can often lead to increased volatility as investors react to the loss of major players’ positions. When whales sell large quantities of ADA into the market alongside retail investor participation, the price could decline rapidly.
Cardano Price Descending Channel With Key Support at $0.63
Crypto analyst Ali Martinez has pointed out that Cardano price action has been largely confined to a descending channel for several weeks. The established price range has shown support at $0.63 and resistance at $0.74.
If this support level at $0.63 is defended, Cardano may enjoy some periods of consolidation before approaching the $0.74 resistance level. But if the price goes below the mentioned support level, then it may be an indication of further correction in the market.
ADA Price To $0.54?
More so, the $0.63 support level is a critical area for Cardano price in the current market.
The analyst noted that ADA may most likely target $0.54 as its next price level if its value drops below the current support point at $0.63. This lower price target is a potential downside of approximately 15%, which could trigger further selling pressure.
Consequently, market sentiment could substantially change when investors observe the loss of $0.63 support. Consequently, this could slow down the altcoin’s bullish momentum. Such a breakdown could lead to sell-off, as stop-loss orders and panic selling may further amplify the downward movement.
Cardano Price Prediction and Technical Analysis
Meanwhile, the top altcoin reached overbought conditions as indicated by its Stochastic RSI reading, which is at 85.19 (blue) and 89.19 (orange). The asset shows indications for a market consolidation or correction since it reaches its upper boundary points.
Conversely, Cardano Moving Average Convergence Divergence MACD indicator has shown a positive histogram. The position of the MACD line above the signal line indicates a bullish market trend.
The diminishing distance between the MACD and signal lines indicates an upcoming trend adjustment when both lines converge.
Meanwhile, according to recent analysis, Cardano price showed resistance in its long-term trajectory while maintaining short-term bullish growth indicators.
Analysts noted that the altcoin maintained a narrow trading range between $0.55 to $0.60 during the past 1500 days while missing out on reaching the $1 price level. This ongoing resistance raised concerns about the sustainability of Cardano price rally.
The top altcoin has managed to stay above the key support of $0.63 but dropped 2.66% in the last 24 hours. Despite intraday highs near $0.6517, Cardano (ADA) continues to face selling pressure amid broader market volatility.
Whether bulls will be able to push price above these key levels remains to be seen. Or would bears take ADA much below the expected support levels?
Source: https://www.thecoinrepublic.com/2025/04/15/can-cardano-price-break-key-support-amid-major-whale-sell-offs/