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Cardano (ADA) Sell-Off Imminent? Whales Sell 70 Million Tokens

Andras Crow-Hreidar by Andras Crow-Hreidar
January 8, 2025
in Crypto, News
Reading Time: 2 mins read
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Cardano Whales Holding $10M ADA Grow Positions by 420%
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In the ever-volatile cryptocurrency market, Cardano’s native token, ADA, is currently experiencing bearish trends. The shift is largely attributed to significant sell-offs by crypto whales, leading to market fluctuations and impacting ADA’s value. Let’s delve deeper into the current scenario and analyze the potential future of ADA.

Whales Sell-Off 70 Million ADA Tokens

On January 9, 2024, a leading cryptocurrency analyst took to X (formerly Twitter) to reveal that crypto whales have offloaded a staggering 70 million ADA tokens. This substantial sell-off, occurring over the past 48 hours, has initiated a market downturn. The repercussions of this massive dump are already visible, with ADA’s price plummeting by over 20% since the onset of the crash.

blockdag 70m

ADA Technical Analysis and Price Prediction

The recent price drop has seen ADA break through a crucial support level at $0.95, with the possibility of closing a daily candle below this threshold. If ADA continues on its downward trajectory, experts predict that it could fall an additional 20%, potentially reaching the $0.75 mark. This analysis is supported by data from Trading View.

Currently, ADA’s Relative Strength Index (RSI) is approaching oversold territory. While this might suggest a potential upside rally, the consistent sell-off by whales raises doubts about a short-term recovery. The market remains on edge as investors and traders closely monitor these developments.

$51 Million Outflow from Exchanges

In addition to the whale sell-offs, there has been notable activity from long-term holders. According to on-chain analytics firm Coinglass, there has been an outflow of over $51 million worth of ADA tokens from exchanges. This exodus suggests that these holders are withdrawing substantial amounts, possibly indicating accumulation and hinting at a future buying opportunity.

Amidst these movements, a significant political event looms, potentially offering an ideal moment to buy the dip. Currently, ADA is trading around $0.92, marking a decline of over 7.5% in the past 24 hours. This downturn has instilled fear among traders and investors, contributing to a decrease in trading volume.

In conclusion, the current market landscape presents both challenges and opportunities for ADA investors. While the bearish trends and whale sell-offs pose risks, the significant outflow from exchanges and the possibility of a political event could create a favorable environment for strategic accumulation. As always, it is crucial for investors to stay informed and exercise caution in the ever-changing world of cryptocurrency.

Tags: AltcoinsCrypto newsPrice Analysis
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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