The Cardano price currently boasts a bearish outlook following a recent development in the ADA ecosystem. Crypto analyst Ali Martinez revealed that ADA whales have offloaded a significant amount of coins amid this recent market downtrend, which could lead to massive sell pressure for the crypto.
Cardano Price Could Decline As ADA Whales Dump Holdings
The Cardano price could decline as ADA whales dump their holdings. In an X post, Ali Martinez revealed that these whales have offloaded over 330 million coins and haven’t bought the dip yet amid this market downtrend led by the Bitcoin price.
This presents a bearish outlook for Cardano since such sales could spark a bearish sentiment among other investors and lead to significant selling pressure for the crypto.
IntoTheBlock data also suggests that the sentiment among these whales is indeed bearish. Cardano’s large transaction volume has declined by over 8%, with $7.46 billion traded in the last 24 hours.
ADA suffered a significant price decline following the wave of sell-offs in the crypto market over the weekend, with over $2 billion liquidated. The Cardano price crashed as much as 36%, breaking critical support levels in the process. In line with this, crypto analyst InvestingHaven noted that bearish signals still dominate and raised the possibility of more downside ahead.
Next Few Weeks Will Be “Epic” For ADA
In an X post, crypto analyst Sebastian asserted that the next few weeks will be epic for the Cardano price. This came as he noted that ADA had recorded an insane bounce and closed a green daily candle.
The analyst also noted that the Relative Strength Index (RSI) on the daily chart briefly hit oversold and has reset nicely. Based on his analysis, a bullish reversal might be on the horizon for ADA. His accompanying chart showed that Cardano could reclaim the psychological $1 level and rally to as high $1.6.
However, before that happens, crypto analyst BullishBanter suggested that the ADA price could sweep the lows around $0.75 before a reversal targeting the $0.95 to $1.10 range. At the time of writing, Cardano is trading at around $0.75, up over 10% in the last 24 hours.
The post Cardano Price At Risk As ADA Whales Offload 330 Million Coins appeared first on CoinGape.
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