Cardano price has been consolidating between $0.63 and $0.65 over the last 24 hours, with recent reports hinting towards a robust move ahead. According to reports, the ADA whales dumped 100 million coins last week, sparking discussions in the market. Besides, analyses from the top experts hint that the crypto could be at a crossroads, which could either trigger a massive rally or a sharp decline from its current level.
Cardano Price Consolidates: Here’s A Quick Tour Of ADA Performance
ADA price today was marginally up by 0.26% traded at $0.6397 amid a slight recovery recorded in the broader crypto market. Notably, the crypto has touched a 24-hour high and low of $0.6557 and $0.6301, respectively. Notably, with its recent gains, Cardano price surged nearly 10% in the weekly chart while losing around 13% over the last 30 days.
Meanwhile, the crypto has been on the investors’ radar over the past few days, especially after Cardano founder Charles Hoskinson said that the ADA network is likely to boost Bitcoin adoption. Besides, he has also hinted towards several partnerships and other developments, which have further fueled the market sentiment.
However, amid this, a massive selloff by the ADA whales has caught the eyes of the traders. Renowned expert Ali Martinez has highlighted the trend, saying that Cardano whales have offloaded more than 100 million ADA in the last week.
This development has fueled concerns, with many believing a waning risk-bet appetite of the traders. Some have argued that the recent selloff could be due to the profit-booking strategy, after ADA price’s recent surge from a low of $0.51 seen on April 7.
What Lies Ahead?
As Cardano price recorded a slight recovery, investors are exploring the potential future move of the token. Amid this, top market experts have shared mixed predictions, which might help traders look at critical price levels to watch ahead.
For context, analyst Ali Martinez notes that ADA is trading within a descending channel with key support at $0.63. A break below this level could trigger a downswing toward $0.54, potentially extending losses for Cardano price.
On the other hand, Trader Tardigrade predicts a breakout above the current resistance, with a potential pullback to $0.6422. However, he has highlighted the $0.64 level as a good entry point. According to Tardigrade, ADA price could target $0.73, a previous consolidation level.
Meanwhile, the contrasting predictions have investors closely monitoring the $0.63 support level, which could determine the token’s next direction. Now, the question lingers is if Cardano price can rebound to $0.73 or crash due to the ongoing selling pressure, plummeting to $0.5.
Having said that, the coming days will be crucial in determining ADA’s trajectory, with traders eyeing key levels for potential breakouts or downturns. As the market awaits a clear direction, it seems that Cardano is poised to witness a significant price swing ahead. Besides, a recent ADA price prediction also indicates that its price might continue to remain stagnant in the coming days.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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