Cardano Price Prediction: Can ADA Rebound Despite 200M Whale Sell-Off?

Cardano price is facing uncertainty as whales offloaded nearly 200 million ADA in March, increasing selling pressure.

Currently holding at 0.60, ADA is testing a crucial support zone, with analysts debating whether it will rebound to 0.73 or continue its downward trajectory. The formation of a potential morning star pattern suggests a bullish reversal, but market conditions remain volatile.

Whale Sell-off Adds Pressure to Cardano Price

A significant whale exodus has put Cardano under selling pressure, leading to its 10% weekend drop.

According to Ali Martinez, on-chain data from Santiment confirmed that whales collectively sold 200 million ADA, preventing an immediate price recovery. Historically, such large transactions have triggered further downward movement unless strong buying pressure counteracts the effect.

Despite this, Cardano price has managed to stay above 0.60, a crucial support level. If buyers regain confidence, the price could recover to 0.73 in the short term. However, a continued lack of demand may lead to a sharper decline toward 0.31, marking a deeper correction.

Technical Indicators Signal Mixed Market Sentiment

On the daily chart, there is bearish pressure for Cardano after its inability to rise above the 200 EMA, giving three red candles. However, the Doji candlestick diagram at 0.60 indicates that the downtrend is slightly weakening and a possible start of reversal.

Moreover, at the 50% Fibonacci retracement level, it is currently in the potential bounce zone. Should ADA price break above the 61.8% Fibonacci level on 0.73, traders will aim to achieve the 0.92 such in the coming days. Conversely, the MACD and signal lines show a negative crossover, increasing the risk of further downside.

Analysts Weigh in: Will Cardano Price Recover?

Market analysts remain divided on ADA’s next move. Ali Martinez warned that if Cardano price fails to reclaim the 0.70-0.80 support range, the price may fall toward 0.31-0.24, following past breakdown patterns.

Meanwhile, Master Kenobi, another crypto analyst, points out that ADA’s current consolidation resembles its August 2024 structure, which later resulted in a rally. If history repeats, ADA price could surge toward 2.50 by May.

Moreover, the whale’s activity continues to be the most crucial factor that dictates price movement. If major investors will keep on dumping ADA, bearish pressure will arise and make it challenging to find support. But if the retail investors and institutional buyers buy the dips, then a sharp upward movement could be observed.

Key Price Levels to Watch in the Short Term

Cardano’s first level of resistance is around 0.73, which lies on the 61.8% Fibonacci retracement. A breakout above this might signal a reversal of the trend towards 0.92. However, if the 0.60 support level gives way, ADA price might go as low as 0.53 before it finds its way to the other lower supports at 0.31.

Whale movements, key technical levels, and sentiment analysis continue to play a major role in influencing ADA’s price — placing the market at a critical turning point. This will then determine whether Cardano price will reverse higher or head to the downside in the following days.

At the time of writing, Cardano price is trading at $0.6813 and has risen by 7.37% in the last 24 hours. The market capitalization stands at $24.02 billion, and it has traded $769.25 million worth of volume in the last 24 hours.