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Cardano’s ADA Plunges Under $1, But Whales Are Still All In
The cryptocurrency market has been experiencing a tumultuous period, with the majority of cryptocurrencies, including Cardano (ADA), dropping significantly in value. As of today, ADA is trading at approximately $0.92, which marks a significant decline from its recent highs. This sharp downturn has led to concerns among investors and speculators about the potential long-term impact on the cryptocurrency’s viability.
However, despite this drastic drop, it appears that large-scale investors, known as “whales,” continue to show unwavering support for ADA. In the face of a plummeting market, it’s remarkable to see whales maintaining their faith in Cardano and its future prospects.
The current price levels seem to be presenting an attractive buying opportunity for savvy traders who have been patiently waiting for a correction in the market trend. The ADA/USD daily chart is displaying a slight downtrend, suggesting that bears may attempt to pull the price close to the daily SMA 50 at $0.845. This level is expected to perform as solid support.
The bulls might regain control after successfully propelling and sustaining the ADA price above $1.20. The price could potentially increase to $1.24 and then to $1.33, where the bears may stage a robust defense.
For the time being, Cardano’s return above $1 will be contingent upon investor sentiment and the broader crypto market recovery.
Source: u.today
