- Cardano’s dismal performance persists into April.
- Since losing support in March, ADA has slipped below the $0.6 level and shows signs of further decline.
- Will Cardano Whales come to the rescue again?
Cardano’s journey is taking a concerning turn as it retraces the gains it once celebrated this year. Despite stealing the spotlight in March, ADA now finds itself grappling for stability in its newfound fame, caught in a whirlwind of uncertainty. With market confidence wavering, especially amid fears of a post-Bitcoin halving crash, investors question whether Cardano will find solid ground to cushion its fall soon.
Cardano’s Struggle Continues
March was an eventful month for the crypto market, with Bitcoin and some altcoins marking new all-time highs, breaking free from a lengthy bearish spell and sparking optimism. Cardano emerged as a standout performer amid this excitement, scaling to a two-year high of $0.8.
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However, while everyone celebrated, anticipating another leg up, the market decided it was time to give way to disappointment.
Dampening celebrations, the latter half of March sent Cardano spiraling as it struggled to anchor itself amid dwindling market confidence and waning buying pressure. At press time, ADA found itself perched below the $0.6 level, hovering at $0.57, marking an 18% decline over the past week.
Adding another layer of complexity was the looming prospect of a continued market correction, especially with Bitcoin hovering around the $65,000 mark. Anticipation brews for a potential 20-30% downturn by the upcoming halving scheduled for April 20. Such a downturn could potentially drive ADA below the $0.5 mark.
However, when ADA was under $0.5, Cardano surged by 70%, thanks to buying pressure from the Whales.
Are Cardano Whales Waiting?
Cardano Whales could be biding their time on the sidelines, waiting for an opportune moment to strike. With ADA potentially setting its sights on liquidity below $0.5 in the face of dwindling market confidence, such a move seems imminent.
Data reveals that the $0.47 to $0.49 range is favored by whales, which accumulate in substantial amounts when ADA hovers around this level.
According to IntotheBlock, when ADA dropped below $0.5, Whale transactions surged to 7,000 from the typical 5,000. In a matter of days, these large wallets amassed over $14.34 million worth of Cardano, while retail investors offloaded their holdings out of fear that ADA might decline further.
On the Flipside
- Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
- ADA’s yearly growth has since fallen to 17% from peaking at 63%.
Why This Matters
Cardano’s underwhelming price performance could become a major concern for market participants, particularly when its competitors are hovering around their all-time highs. ADA is still 81% below its all-time high, so it needs to restore investor confidence in the coming weeks through its price performance before the disparity between itself and its rivals widens too much.
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