Cardano Whales Dump $30 Million Before Breakdown — Is Retail Buying the Wrong Dip
Cardano whales sold $30 million in ADA before a bearish breakdown, while retail investors aggressively bought the dip.Summary
Cardano (ADA) is in a critical bearish phase after confirming a head-and-shoulders breakdown, losing key support at $0.266. Large whale cohorts sold approximately 120 million ADA (about $30 million) between February 19th and 23rd, anticipating the drop, and have since refused to re-accumulate, signaling continued caution.
Conversely, retail investors are aggressively buying the dip, evidenced by a 640% surge in ADA exchange outflows between February 21st and 23rd. However, market profitability remains low (around 8.45%), suggesting the correction may not be complete, as markets often continue falling unless profitability hits extreme capitulation lows.
The technical outlook remains bearish; if ADA fails to reclaim resistance at $0.276, it risks falling toward the next support at $0.259, with a potential target of $0.233, aligning with the pattern's full projection.
(Source：BeInCrypto)