#ADAAnalysis
Cardano Price Forecast: Whales offload 230 million ADA bought this week, raising risks of further decline
Uncertainty among top Cardano whales risks further losses, with 230 million ADA caught and released this week.
Charles Hoskinson emphasizes his $100 million investment plan, divided between Cardano-native stablecoins and Bitcoin, in the David Gokhshtein podcast.
The technical outlook indicates a potential risk that Cardano may test $0.50, marking a new year-to-date low.
Cardano (ADA) ticks lower by over 1% at press time on Friday, marking its fifth consecutive bearish day. Amid a declining trend, Charles Hoskinson’s $100 million investment plan raises uncertainty among Cardano whales, resulting in a 230 million ADA shift in just three days.
Cardano whales offload recently acquired 230 million ADA
Santiment data shows that investors with 100 million to 1 billion ADA acquired a total of 230 million ADA on Monday, boosting the total to 3.40 billion ADA from 3.17 billion ADA. However, in a quick sell-off, investors offloaded the acquired 230 million ADA by Wednesday. As of Friday, the holdings of these large investors total 3.18 billion ADA.
Cardano Price Forecast: ADA eyes further losses
Cardano drops by over 1% at the time of writing on Friday, printing its fifth consecutive bearish candle on the daily chart. Following a triangle breakdown, ADA slides below the $0.5946 support level marked on April 16.
A closing below $0.5946 could increase the downside risk of testing the $0.5110 year-to-date low. Investors could witness the declining ADA trend approaching the $0.50 psychological support level.
The Moving Average Convergence/Divergence (MACD) further declines into negative territory alongside its signal line, indicating a sustained rise in bearish momentum.
On the contrary, if ADA sustains above $0.5946, sidelined investors could witness Cardano reverse towards the weekly opening of $0.6333.
