Cardano Risks a 31% Drop as Whales Dump 210 Million ADA
Cardano faces potential downside risk as whales sell 210 million ADA, despite Charles Hoskinson's support for the GENIUS Act.Summary
Cardano (ADA) is experiencing lackluster price action amid dwindling investor support, raising concerns about a potential 31% price drop. While Cardano founder Charles Hoskinson publicly supported the GENIUS Act, signaling potential positive momentum, investor sentiment remains weak.
Whales have been selling, offloading about 210 million ADA (worth over $56.7 million) in the past week, which compounds negative market sentiment. Furthermore, on-chain metrics like the MVRV Long/Short Difference indicate that short-term holders (STHs) are currently in profit and dominating the market, often selling at the first sign of gains, which hinders recovery.
Technically, ADA is priced near $0.27, below the $0.28 resistance, and has formed a bearish flag pattern suggesting a potential 31.75% decline toward the $0.17 support level if key supports like $0.25 and $0.22 are breached. A rise above $0.31 would invalidate this bearish outlook.
(Source：BeInCrypto)