Cardano Whales Buy 100 Million ADA, but Price Still Struggles Below $0.40
Cardano whales accumulated nearly 100 million ADA during recent dips, yet the price remains stuck below the critical $0.40 resistance level.Summary
The Cardano (ADA) price is experiencing hesitation, trading sideways and down about 6% over the last week, clinging to its 20-day Exponential Moving Average (EMA) support, which previously failed, leading to a sharp drop.
On-Balance Volume (OBV) suggests weakening support, as it has trended lower while price moved sideways or higher, indicating quiet selling. However, on-chain data reveals that large holders, or whales, have been actively buying dips, accumulating nearly 100 million ADA across wallets holding 1 to 100 million coins since January 11, which is preventing a collapse.
Despite this accumulation, derivatives positioning shows that top traders remain net short, suggesting they anticipate a move but are not committing to upside. The key price level is $0.40; a sustained break above this resistance is needed for trend recovery, while a close below $0.37 could lead to a drop toward $0.35 or $0.31.
(Source：BeInCrypto)