Cardano’s ADA price is declining alongside the general crypto market. At the time of publication, Cardano was trading at $0.90, down 4.15% in the last 24 hours. Despite the price declines, Cardano whales have continued to acquire ADA in massive amounts, according to IntoTheBlock Analytics. The balances of these millionaire wallets have reached a new all-time high of 12.47 billion ADA as accumulation increases. Per IntoTheBlock, The balance held by addresses with 1 to 10 million ADA has grown exponentially in 2022, from 8.09 billion to 12.19 billion ADA, representing an increase of $4.38 billion. Earlier in the week, a number of wallets that store from 100,000 to 1 million ADA had grabbed 16,000,000 ADA within just twenty-four hours.
Key Levels
Resistance Levels: $1.500, $1.350, $1.000
Support Levels: $0.830, $0.750, $0.525
ADA/USD Daily ChartADA/USD has lost buoyancy slightly beneath the $1.000 level, but the bearish structure of the pair looks to be unflustered by buyers who recently found their feet at a nearly one-year low within the $0.750 support band. The falling moving average (MA 50) endorses a negative bearing in the pair.
However, ADA looks to be creating a floor around the $0.830 support as the relative strength index (RSI) seems to have bounced from earlier bottom in bearish territory and is now attempting to change direction to the upside. Traders, however, would be more eager to engage in buying activities if the price manages to close above the $0.921 level.
ADA/USD 4-Hour ChartCardano (ADA) is coming sharply down due to the market sentiment, currently, it’s already accelerating so it seems that the pair is in an impulsive sell-off headed back to the recent low at $0.746. Thus more weakness can follow after rallies until it fully breaks past the 4-hour moving average (MA 200) to complete its rebound.
Therefore in the short-term timeframe, the ADA/USD pair is in a bearish trend since February 2022 and only a rally above the descending channel would put the market in a sideways path or change its bias. On the other hand, the negative charge in the relative strength index (RSI) is promoting negative price action in the pair.
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