Whales $ADA are leaving the market
Tracking whale activity is important as they significantly influence market trends. From December 10 to 14, the number of whales increased from 400 to 409, reflecting active accumulation during this period. However, the number of addresses holding between 10 million to 100 million ADA has now decreased to 407, compared to 409 five days ago.
The decrease suggests that some whales may be selling their assets. This indicates a decline in their confidence or profit-taking. It also points to a potential end of the accumulation phase, which could lead to increased selling pressure and a short-term decline in ADA.
EMA lines indicate the possibility of a stronger correction, as short-term EMAs are trending downwards. The shortest EMA is approaching a crossover below the longest EMA, forming a "death cross." This is a bearish signal that typically indicates sustained decline.
If this crossover occurs, the price may test the nearest support at $0.95. If this level does not hold, the token could drop to $0.65 or even $0.519. #2024withBinance
