Key Points:-
- Cardano (ADA) large sell activity increased by 90 percent as Google searches for “Is Cardano a good investment?”
- Cardano’s most important level is its recent price action of $0.64 and could determine the next move.
According to a report, over 170 million Cardano tokens are being sold by a whale. The number of ADA captured by the large holders confirmed the sharp fall in the wallet balance from just under 3.26 billion ADA to nearly 2.98 billion ADA.
This large-scale sale coincides with a deserving drop in ADA’s price, decreasing from around $0.83 to $0.65 during the same period. This clearly pointed out that holdings reduced over time, the price also fell.
This primarily suggested a negative sentiment among major holders, possibly indicating a further price drop in future.
In the opposite way, the sell off could present a good buying opportunity for new or existing holders at a lower price who are looking to capitalize on the lower price, potentially stabilizing the market.
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Cardano Google Search Surge
As TapTools noted on X, Google search increased interest for various assets with Cardano’s increase by 90%. So, there was a significant boost in public curiosity about its potential as an investment.
Similarly, Polkadot [DOT] and Luna Classic have each seen their search volumes double, with increases of 110%, pointing to heightened market attention possibly due to recent developments or price changes.
Polkadot’s price at the same time last week was $6.36. It has moved by -19.4 % in the past week and is currently at $5..Terra Luna Classic’s price at the same time last week was $0.000083. It has moved by -5.20 % in the past week and is currently at $0.000079.
Looking at the price action of ADA, based on Fibonacci retracement levels from the peak and trough of its last bull cycle, showed that ADA was trading around a pivotal support level at $0.65. Fibonacci retracement is a technical analysis tool that helps traders identify potential support and resistance levels in the market. As a result, the altcoin Market faces an extended correction since mid-January.
Cardano Under Pressure: Whale Dumps 170M Tokens, 90% Google Search Surge, and a Crucial $0.64 Pivot
