ADA Price Stabilizes After Whale Activity Pauses Selling
Despite falling more than 9% in the past seven days, Cardano (ADA) remains one of the top ten cryptocurrencies by market capitalization. Recent data shows that the downtrend in ADA is losing steam, with ADX falling sharply, indicating that the bearish trend is weakening.
The stabilization of whale activity since December 22 also indicates that selling pressure has eased, signaling a consolidation phase. Traders are currently keeping a close eye on the $0.859 support level as its strength will determine whether ADA price can recover to $1 or face further declines to $0.76.
ADA downtrend is losing steam
ADA The Average Directional Index (ADX) currently stands at 14.96, down sharply from over 30 points three days ago. This significant decline signals a weakening in trend strength, suggesting that the ongoing downtrend is losing steam.
The sharp decline in ADX highlights waning confidence in the current bearish move, which could lead to a period of price consolidation or even a price reversal if buyers start to re-enter the market.
ADX measures the strength of a trend on a scale of 0 to 100 but does not indicate the direction of the trend. Values below 20 indicate a weak or non-existent trend, while values above 25 generally indicate a stronger trend. and cardano ADX sits at 14.96 and is declining, with the current downtrend lacking sufficient strength to sustain significant bearish momentum.
In the short term, this may mean ADA price Unless there is fresh selling pressure to reinforce the trend, stabilization or sideways movement is likely. Conversely, a lack of sales activity could allow buyers to regain control and gradually kick-start a potential recovery.
Cardano Whale Stops Sales
Number of ADA whales, defined as addresses holding between 10 million and 100 million addresses ADAreached a monthly high of 409 on December 14, and then began to decline.
The number has stabilized since December 22, fluctuating between 404 and 405, indicating that major holders have paused significant accumulation or allocation activity.
Tracking whale activity is crucial because these large holders can significantly influence the price of an asset through their buying or selling behavior. The recent stability of ADA whale addresses indicates that the market is in a consolidation phase, with neither strong accumulation nor strong distribution occurring.
In the short term, this may mean ADA price As whale activity lacks a decisive directional push, it is likely to remain range-bound.
Cardano Price Prediction: Can ADA Recover $1 Levels in December?
Cardano price The price is currently trading close to the key support level at $0.859. If this support remains strong and ADA price manages to resume its uptrend, the price may test the $0.91 resistance next.
A break above this resistance could pave the way for ADA price to climb higher, potentially testing levels around $0.99 and $1, signaling a significant recovery and shift to bullish momentum.
On the other hand, if the downtrend resumes strength and the $0.859 support fails to hold, cardano Prices may face further bearish pressure.
In this case, the price is likely to continue declining to test the next major support level at $0.76. This would mark a possible further correction of 11.6% for ADA.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
