"Cardano Whales Dump ADA, Price Plummets to $0.5"

Cardano (ADA) has experienced a significant decline in recent weeks, with its price dropping by over 15% in the past seven days. This downward trend has been accompanied by a sharp increase in selling pressure from large investors, known as whales, who have been reducing their holdings in the cryptocurrency.

The market capitalization of Cardano has fallen to $22 billion, and its price has been trading below $1 for more than a month. This persistent bearish sentiment has been reflected in the technical indicators, which show a strong downtrend. The Average Directional Index (ADX) for ADA has risen to 46.8, indicating intensified selling pressure and a high level of confidence among market participants in the current price movement.

The number of Cardano whales, addresses holding between 1 million and 10 million ADA, has been steadily decreasing over the past week. This decline, which is the lowest level since early January, suggests that major holders are either reducing their positions or distributing their holdings, potentially indicating a bearish sentiment. This trend could signal increasing selling pressure and lead to further downside for ADA's price.

The current bearish setup of ADA's Exponential Moving Averages (EMAs) suggests ongoing downward momentum. If this trend continues, ADA could test the crucial support level at $0.5. If this support is lost, the price could decline further to $0.32, marking its lowest level since early November 2021. However, if the support at $0.5 is tested and holds, Cardano price could find the strength to reverse its trend and potentially break above $1 in March.