Cardano Tumbles Below $0.6 Amid Waning Market Confidence 

ADA sets its sights on a historic whale accumulation zone in the face of dwindling market confidence.

Whales swimming away from a Cardano logo in the open ocean.
Created by Gabor Kovacs from DailyCoin
  • 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. 

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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.