Cardano prize has gone out in recent weeks and the sale can continue after it has fallen under the most important support levels and then started to capitulate whales.
Cardano (ADA) price fell five consecutive days and reached a low point of $ 0.65, the lowest level since 8 May. It has fallen by more than 21% from the highest point in May and with 50% from the High November 2024.
Data on chains show that Cardano investors started to capitulate. According to SantimentThe number of ADA holders has fallen to 4.49 million, compared to 4.55 million at the highest point in May.
More data show that whales have continued to sell their coins, signing that the price will continue to fall. Whales that hold between 100 million and 1 billion coins today have 3.02 billion coins, at a peak of a peak of 3.4 billion in April.
Similarly, those who own between 1 million and 10 million have reduced their participations to 5.7 billion of the year to date of 6 billion. This turnover happened when the number of profit for ADA fell to 22.69 billion of 27 billion in April.
Cardano, once advertised as a viable alternative to Ethereum, has continued to perform in all areas. The total value locked in decentralized financing is drop Up to $ 391 million, while the cumulative DEX transactions are $ 4 billion.
Unichain, on the other hand, has a TVL of more than $ 702 million, and the DEX volume has risen to more than $ 14 billion, a few months after the launch.
Cardano is now pinging his growth in his integration with Bitcoin (BTC), a movement that will stimulate its TVL with billions. The argument is that the recording of Bitcoin BTC holders will enable to use their participations and earn rewards. However, this technology already exists and Bitcoin structure platforms such as SOLV protocol and Lombard Finance have billions of assets.
Cardano Price Technical Analysis
The daily graph shows that the ADA price has crashed in recent days. This sale took place after it had formed a double top pattern for $ 0.839. It has now gone under the neckline of this pattern at $ 0.710, which confirms its arary bias.
Cardano has also fallen under the 50-day and 200 days of progressive averages and runs the risk of forming a death cross.
That is why the currency will probably continue to fall, because sellers focus on the psychological point at $ 0.50, by 25% below the current level.
Cardano -Audit
Cardano is also on the receiving side of damn allegations of non-gigantic token artist Masato Alexander.
Founder Charles HoskinsonAlexander claims, $ 619 million in Ada -Tokens. Hoskinson denied the allegations.
An audit is currently in the making to invalidate the claims, he said. If the audit knew the project of these accusations, the trust of investors can be restored, which activates a strong rebound in Cardano. However, if the findings arouse further concerns, Ada can continue in its recent downward trend.
The Allegra Hard Fork 2021 allegra 2021 at a 318 million ADA transfer.
Hoskinson, one of the co-founders of Ethereum, launched the project in 2015. The Cardano Blockchain officially went live on September 29, 2017.
Hoskinson founded the Cardano protocol via IOHK, or input Output Hong Kong, a blockchain research and engineering company that he co-founder of Jeremy Wood. The project is named after Gerolamo Cardano, a 16th-century Italian mathematician, and his indigenous cryptocurrency, Ada, was named after Ada Lovelace, a 19th-century mathematician who is often credited as the first computer programmer.
