Over the past two days, Cardano (ADA) has experienced a significant dip due to large-scale token sales by whales. Approximately 70 million ADA tokens were offloaded between January 7 and January 9, leading to a steep drop in price by around 20%. This resulted in the current price of ADA being $0.9213. The 24-hour trading volume stands at $1.82 billion, with a 24-hour volatility rate of 8.8%, and a market capitalization of $32.51 billion.
Over the last day, I’ve observed a 7.5% decrease in the value of the token I’m analyzing, echoing a 2.24% downturn across the broader cryptocurrency market. This market now stands at a staggering $3.28 trillion in total capitalization.
As a researcher, I’d like to highlight that according to the latest insights from Ali Martinez, a renowned crypto analyst, there seems to be a significant decrease in the ADA token holdings amongst investors who usually possess between 100 million and 1 billion ADA coins, as indicated in his recent post.
On Cardano’s daily chart, the Relative Strength Index (RSI) stands at 45, indicating a noticeable decrease which could be a sign of increasing selling pressure. This might lead to the token reaching an oversold state, possibly causing short-term price drops. However, some analysts interpret this as a promising opportunity for shrewd investors to enter the market.
Simultaneously, Santiment disclosed that the number of active ADA wallets within the last month has been declining. Yet, this analytics company noted that skilled traders often seize such market downturns as opportunities to generate profits.
Cardano (ADA) Future Potential
Even though there’s been a recent drop, ADA has demonstrated impressive growth over the past couple of months. After Donald Trump’s election victory on November 5 was confirmed, which indicated a possible pro-crypto administration, Cardano’s price skyrocketed threefold. Currently, ADA holds a market capitalization of approximately $32.28 billion and ranks 9th among the largest cryptocurrencies.
Just a few days ago, the value peaked at $1.14, but then it dropped back, even though it’s still 70% lower than its record high of $3.1 from 2017.
In the coming weeks, Cardano is preparing for the highly-awaited Plomin hard fork. This update will usher in full governance on the mainnet, signaling the conclusion of the technical bootstrapping phase and paving the way for more robust decentralized functions. Many predict that this advancement could establish Cardano as a significant player during the current market uptrend.
AD analyst Dan Gambardello recently discussed Cardano’s positive long-term outlook, noting that it has one of the most bullish weekly chart formations in the crypto world. Specifically, he mentioned an inverse head-and-shoulders pattern with an upwardly trending neckline. Gambardello suggested that short-term bears might try to push prices down further, but he remains hopeful about ADA’s capacity for a significant recovery.
According to another analyst, Allincrypto, there’s an estimated mid-term price prediction of $3.00 for ADA. Some forecasts even predict that the token could potentially reach $6-$8 by the conclusion of this market cycle.
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2025-01-09 14:12