The cryptocurrency #Cardano is having trouble recovering after #whales stole $380 million in gains from the table.

Large wallet investors in Cardano have decreased their frequency of activity on the Cardano blockchain, and whale transactions are now seeing a downward trend.
Over the course of the preceding week, investors of ADA managed to cash in roughly $380 million in gains, which coincided with a decrease in whale activity.
A correction is possible for the price of ADA, which has been almost steady over the last week.

The price of Cardano is now moving inside a narrow range that extends from the high point of $0.8104 on March 14 to the low point of $0.5689 on March 20. Cardano's significant wallet investors have reportedly restricted their activity on the ADA network and have most likely taken gains on their holdings, according to data that is stored on the blockchain.

On-chain data reveals high levels of profit-taking and whale exits.
The Cardano blockchain is now seeing a decrease trend in whale transactions, which are transactions with a value not exceeding $100,000. According to statistics obtained from Santiment's on-chain, the number of transactions involving Cardano whales has significantly decreased since February 29. A decline in whale transactions during a period of price growth is an indication that whales are taking advantage of the situation.

This indicator, known as Network Realized Profit/Loss, is used to determine the net profits or losses that were realized by traders who sold the asset on a certain day. For the period beginning on March 20, the statistic reveals that investors of ADA had accumulated roughly $380 million in gains. During the last week, whales have been consistently taking profits and their activity level has been decreasing, which is an indication that whales are realizing gains and selling their ADA holdings in order to make more money.

On Binance, the price of the alternative cryptocurrency is now $0.6592, which is practically flat from the previous week and approximately 19% down from its year-to-date top of $0.8104. The one-day chart of ADA/USDT indicates that there is a high probability of a further fall in Cardano. Additionally, the alternative cryptocurrency may be able to gather liquidity in the Fair Value Gap that is located between $0.3046 and $0.3736 on the monthly chart.

It is possible that the price of Cardano may recover from this range and make a recovery in the weeks and months ahead, with the goal of returning to the high that it reached on March 14.

In spite of this, the red bars on the Moving Average Convergence/Divergence indicator, which are located below the zero line, provide credence to the idea that the price of ADA is experiencing a correction.

It is possible that the bearish thesis will be invalidated and a rally to the next key resistance at $0.9091, which is represented by the 127.2% Fibonacci extension, will be suggested if the price of Cardano sees a daily candlestick close that is higher than $0.7328 or the 78.6% Fibonacci retracement of the rally from the low of $0.4477 on January 23 to its peak of $0.8104.

#ada