ADA may be in trouble, as whales have sold 70 million ADA in one go!
This is no small amount and it must make one feel a bit uneasy.
Once the whale acted, ADA's price started to drop, and it’s now close to falling below $0.95. If it continues to decline like this, a 20% drop is no joke, and it might not hold above $0.75.
However, in this market, anything can happen. You see, although the RSI indicator shows that ADA is nearing oversold conditions and theoretically should have some rebound potential, the selling pressure from this whale is too significant, and it’s tough to see a rise in the short term!
Additionally, on-chain data also shows that $51 million worth of ADA has flowed out of exchanges, indicating that some are starting to accumulate. But whether this is a good thing or a bad thing is uncertain. Perhaps long-term holders are seeing an opportunity to scoop up some at a lower price.
Currently, the price of ADA is hovering around $0.92, having dropped 7.5% in the past 24 hours, and trading volume has also decreased. Traders and investors are feeling anxious, unsure if the price will continue to fall.
Overall, the price trend of ADA is quite ambiguous right now, and no one dares to make definitive statements. We must be cautious, observe more, and think critically to avoid being led by the market’s fluctuations.
As for the next strategy direction, I will guide everyone to aim for the lucrative opportunities in altcoins, especially those with high potential projects, where an expected growth of over 10 times is not a problem. If you want to make big money in a bull market, like and leave a comment, and I will take you to layout the entire bull market!
