Cardano (ADA) was expected to rally to $0.40, but recent on-chain data suggests a bleak short-term outlook as crypto whales have reduced their activity. The large transaction volume for ADA dropped from 19.50 billion to 18.44 billion, indicating reduced interest from major holders. This decline could hinder ADA's price from recovering recent losses. The Market Value to Realized Value (MVRV) ratio also dropped, indicating a higher level of unrealized losses. Technical indicators show bearish signals, with ADA vulnerable to a price decrease to $0.30. However, if ADA closes above $0.35 with increased whale purchases, the prediction could be invalidated, leading to a potential climb to $0.40.
- Content Editor ( beincrypto.com )
- 2024-09-18
Crypto Whales Fall Short of 20 Billion Cardano Transactions, Putting ADA Price at Risk