In the dimly lit corridors of the cryptocurrency realm, where fortunes are made and lost with the flick of a digital switch, we find ourselves contemplating the fate of Cardano. The once-mighty ADA, now languishing at a mere $0.76, seems to be caught in a tempest of bearish winds, as if the very heavens conspired against it. The market cap, a staggering $27.43 billion, stands as a monument to its past glory, while the 24-hour volatility of 9.8% whispers tales of uncertainty and despair.
Ah, but what is this? A flicker of hope, a surge of 5.64% in the last 24 hours! Could it be that Cardano, like a phoenix, might rise from the ashes of its own misfortunes? Or is it merely a cruel jest played by the capricious gods of finance? The question lingers: will Cardano reclaim the elusive $1 mark, that psychological bastion of confidence? Let us delve deeper into this enigma.
Cardano: A Bear’s Playground
As we gaze upon the daily chart, the price trend of Cardano reveals a disheartening tale of a bearish pullback, akin to a tragic hero’s fall from grace. With an intraday retreat of 6.62%, Cardano has birthed a bearish engulfing candle, a harbinger of strong selling pressure. The 
serves as a grim reminder of the market’s capricious nature.
As the price hovers around the psychological threshold of $0.80, the specter of lower price rejections looms large. The daily RSI line, teetering on the brink of crossing under the oversold boundary, hints at a potential exhaustion of bearish sentiment. Yet, the loss of the S1 pivot support level at $0.79553 casts a long shadow over any glimmer of hope. The next support level, the S2 pivot at $0.65, beckons ominously, like a siren’s call to the unwary sailor.
But wait! The oversold RSI line, that fickle friend, suggests a potential bullish reversal if the broader market finds its footing. Should the stars align, the S2 pivot level at $0.98 could become a target, a beacon of optimism in these turbulent waters. Yet, the chances for a myopic reversal to the $1 mark remain as slim as a whisper in the wind.
Whales: The Cautious Titans
Amidst this chaos, the whales, those titans of the deep, have made their move. Ali Martinez, a crypto analyst of some repute, has drawn our attention to the alarming trend of whale activity. With a staggering offloading of 330 million ADA tokens without a hint of buybacks, the market trembles under the weight of their caution.
Whales have offloaded over 330 million #Cardano $ADA and haven’t bought the dip yet!
— Ali (@ali_charts) February 4, 2025
Valued at a chilling $280 million, these tokens add to the bearish pressure, a testament to the cautious sentiment that pervades the market. Should the broader conditions deteriorate, the selling pressure may intensify, dragging ADA further into the abyss.
A Flicker of Optimism Amidst the Gloom
Yet, amidst the bearish gloom, a flicker of optimism emerges from the derivatives side. The Cardano open interest has surged by 2.15% over the past 24 hours, a sign of renewed interest from traders, as if they were moths drawn to a flickering flame. The 
hints at a slight shift in sentiment.
However, the long-to-short ratio, resting at 0.9673, reveals a greater number of bearish positions at play
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2025-02-04 16:50