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Cardano (ADA) sees declined Whale activity as investors take profits

By:
on Mar 26, 2024
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  • Large-scale transactions are on a downtrend as significant players reduce activity.
  • Holders cashed in profits worth $380M sine 20 March.
  • ADA price remains vulnerable to plummeting before solid revivals.

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Cardano (ADA) whales have reduced their actions on the blockchain amid increased profit-taking. Santiment data shows transactions worth over $100K have substantially plunged since 29 February.

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Reduced large-scale transactions during bullish prices signal profit-taking by whales. Meanwhile, ADA might witness price declines in response to players reducing their holdings.

The Realized Profit/Loss indicators, which measure the overall gains or losses traders incur after selling the token, show Cardano investors have taken approximately $380M in returns in the previous week.

Source – Santiment

The altcoins saw consistent profit booking and reduced whale activity over the previous week, confirming whale exit after realizing profits.

ADA’s current price action

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The alt lost 0.98% in the past day to press time levels of $0.6565. Cardano gained 5.60% over the last week.

ADA 7D Chart on Coinmarketcap

The current price places ADA in a constricted range between the 14 March $0.8104 high and the 20 March low at $0.5689.

The 24-hour ADA-USDT chart displays chances of more dips, sending Cardano to gather liquidity at the Fair Value Gap (FVG) at the $0.3046 – $0.3736 range on the 30-day chart.

The altcoin might bounce back from this range in the coming weeks, eyeing the 14 March highs. Nonetheless, the Moving Average Convergence Divergence exhibits red bars beneath the zero line, supporting potential dips for ADA prices.

Meanwhile, a daily candle closing beyond $0.7328 might cancel the bearish tell and trigger uptrends toward the crucial hurdle at $0.9091.

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