This Altcoin, which is experiencing a decrease in whale activity, may decline!

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ADA, the native cryptocurrency of the Cardano ecosystem, has been struggling to stay strong lately amidst a broad market correction. The altcoin, which recently returned from the $ 0.68 level, faced various difficulties in this process and the fluctuations in its price attracted attention.

Although the medium-term trend in Cardano’s price still seems to be upward, recent developments show that the short-term situation is not very encouraging. ADA, which retreated from the $0.8 resistance point in mid-March and entered a new correction process, continued this downward trend for a while. Within a month, its holding lost 28% of its value and fell to a support level of $0.567. As of now, the altcoin is trading around $0.58.

However, beyond price movements, there are factors that have a certain impact on the market. In particular, a chart made by well-known analyst Ali Martinez (@ali_charts) observation, Cardano (ADA) revealed a decline in whale activity. This may indicate that a change in the movements of large investors may have an impact on the price. A decrease in whale activity may indicate a possible phase of price consolidation or a potential decline. This observation, which is very important for traders and investors, emphasizes that it is time to closely monitor ADA for the market’s next move.

Due to the market correction and decline in whale activity, Cardano price seems more prone to a short-term correction. Therefore, a break below this support could result in a major loss for buyers.

On the other hand, Cardano’s future performance will be shaped by a combination of factors. Analysis and observations like Martinez’s can give investors and traders insight, helping them make more informed decisions. As a result, carefully monitoring ADA’s price movements and closely following market developments can be an important part of successful investment strategies.

You can access current market movements here.


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