Whales Dump 30M ADA, Cardano’s Fate at $0.70: A Roller Coaster of Risk and Drama

Key Takeaways

Last week, Cardano whales offloaded a staggering 30 million ADA, throwing a wrench into the works as EMAs began to flash bearish signals. As the price slips below key levels, one can’t help but wonder: how far will ADA sink before it resurfaces?

In the last 24 hours, the price of Cardano [ADA] experienced a modest rise of around 2.50%. Meanwhile, trading volume shot up by a mind-boggling 69%, reaching a whopping $1.45 billion on the day. Talk about a little bounce in the grand scheme of things.

Charles Hoskinson, the ever-hopeful Cardano founder, persists in his quest to best Ethereum [ETH]. But, alas, the whales seem to have their own agenda, moving in the exact opposite direction. Ah, the beauty of crypto market dynamics.

Whales Dump Into Rallies

The past week saw whales engaging in what can only be described as a well-timed selling spree. According to Ali Martinez on X (formerly Twitter), roughly 30 million ADA were dumped into the market as the price hit a fleeting local peak of $1.01. Timing is everything, after all.

AMBCrypto analyzed the situation, observing that the whales started to sell off their ADA at $0.92, when the price failed to break back to $1. A sign of bearishness, they suggest. At that point, the whale balance stood at a hefty 5.57 billion ADA. One wonders: what do these whales know that we don’t?

This wave of selling put significant downward pressure on the price, but a slight bounce was observed as ADA reached an accumulation zone around $0.80. So, is it a dead cat bounce, or could this be the beginning of something more dramatic?

ADA Trades Below Key EMAs

On the price charts, ADA is attempting to hold the line above the $0.80 mark. A valiant effort, but not a guarantee of safety just yet. If it stays above this level, it could signal a cooling-off period following the high from August 14th. That high was met with volume that almost mirrored the peak from March 2nd, when profit-taking first reared its head.

The long-term uptrend remains intact… for now. But should the higher low at $0.70 be breached, the bullish structure will crumble faster than a house of cards. The EMA cross indicator is now flashing warning signs, suggesting a possible plunge to $0.70 is on the horizon.

If $0.70 gives way, it’s game over for the bulls. ADA could then slide to the $0.57-$0.51 zone, where the double bottom of the bear market once resided. A bittersweet memory of better days, indeed.

On the flip side, Smart Money could swoop in and start accumulating at $0.57, sparking a potential reversal. But, if fresh demand fails to materialize, ADA may continue its downward slide, much like an old dog refusing to learn new tricks.

Short Squeeze or Deeper Slide?

The specter of more downside looms large, as massive shorts are sitting just above the recent price action, waiting for their moment. For context, $17 million worth of ADA is parked between the $0.82 and $0.85 zones. Oh, the drama of it all.

A short squeeze could send ADA back toward $1, but this could also result in the opposite-further selling pressure that drags the price below $0.80. It’s a game of chicken, and who will blink first?

Meanwhile, longs are clustered around $0.78, and they’re about half the size of the shorts. This zone might serve as a turning point-unless, of course, the price sweeps those orders and fails to bounce. In that case, ADA could fall to $0.76. Oh, how the mighty have fallen.

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2025-09-02 21:15