Cardano appears to have slowly lost all the momentum gained in the previous trading cycle as the price remains depleted largely. Moreover, the recent slash which was on being rejected at $0.9 dragged the price close to $0.81 and still hovering in these regions. And hence it may be a major reason the retail traders and the investors are distancing themselves from ADA. And eventually, whales are becoming stronger and stronger day by day.
The Bearish Death Cross is Round the Corner
The ADA price nowadays has exhibited less volatility and hence it is unable to ignite a minimum of 10% recovery. Moreover, the 200-day MA levels have plunged drastically paving way for the price to shed huge value as the ‘Death Cross’ may be on its way.
If the ADA price does not rebound from the current levels and maintain the narrow consolidation, a death cross somewhere in mid-May may extract huge value.
The price may eventually break down the strong support at $0.84 and also test the lower support below $0.5 levels too. However, this can be avoided with a significant rebound back above $0.9.
Retail Traders & Investors Move Out of ADA
While the ADA price remained barely changed for the past many days, the Whale concentration has increased massively. The ADA whales appear to have accumulated constantly from the past week which has increased their holdings to 27.73% of the entire supply. This may indicate a strong uptrend that may be waiting ahead as few players have bought a significant amount of ADA recently.
Therefore, the ADA price is currently showcasing both the possibilities of drowning into the deep bearish well and also jumping high by breaking the consolidation. Therefore, the upcoming monthly close may be extremely crucial. If the Cardano price fails to rebound, it may be trapped in the death cross. Else as the Whales believe the ADA price rally may surge beyond $0.9 to reach finally $1 soon.