The price of the seventh largest cryptocurrency (ADA) has exploded to an all-time high of $3 since December 2019 before commencing a decline, influenced by the wider cryptocurrency market.
Cardano is presently selling at $0.88, down from $0.75 following Russian President Vladimir Putin’s announcement of a “special military operation” in Ukraine that appears to be a full-scale invasion.
Cardano’s price might rise by 25 percent to the immediate upside hurdle of $1 as a result of the bulls’ efforts. The psychological barrier is important since it moves ADA closer to retesting the $1.20 level.
On the other hand, if Cardano’s price does not hold the session’s low, it may retest the new yearly lows of $0.74. If the price closes below the specified amount on a daily basis, the gates could open for $0.67.
Investors Dumping Their Holdings?
Some whale watching, according to Santiment, may contain the key to better estimating ADA’s movements. Cardano investors with 10,000 to 100,000 ADA have been on the rise.
This is a favourable indicator because sharks have a penchant for predicting price increases. Investors holding 100,000 to 1,000,000 ADA, on the other hand, have been dumping, according to the blockchain data portal.
While weighted sentiment was constantly negative, it was not as low as it had been in late January, according to Santiment. Despite the fact that the price of ADA had dropped by more than 25 percent in the previous week, this was the case.
IntoTheBlock discovered that, despite ADA’s subpar price performance, HODLERs are strong, with HODLER balances at multi-year highs. This indicates that many investors have high expectations for the asset in the long run.
HODLers accumulated more in the summer of last year, when the price of ADA fluctuated between $1.5 and $1, according to the firm’s statistics. They bought the dip every time the price dipped below $1, according to the charts.