Cardano (ADA) Bearish Trend Continues
As of today, February 27, 2025, ADA, the native token of the Cardano blockchain, seems to be reinforcing its bearish trajectory due to recent whale activity and the negative price movement observed on the daily chart.
Cardano (ADA) Current Price Momentum
During the Asian trading session, ADA initially showed signs of a recovery as it surged upwards, only to reverse course and fall below the critical support level of $0.65.
Currently, ADA is hovering around $0.65 with a slight decline of 0.85% over the past 24 hours. However, trading volume has also dropped by 5.5%, indicating reduced participation from traders and investors amidst the high volatility in the asset.
ADA Price Action and Key Levels
Technical analysis suggests that ADA is displaying bearish signals following its breach and closure of a daily candle below the $0.65 mark.
Based on the current price action and historical patterns, if ADA remains below $0.68 and records a daily close below $0.63, there is a strong likelihood of a 30% drop towards the $0.425 level in the near future.
Furthermore, ADA’s price has slipped below the 200 Exponential Moving Average (EMA) on the daily chart, indicating a downtrend in the asset.
Whales Dump 170 Million ADA
Adding to the bearish sentiment surrounding ADA, reports have surfaced that crypto whales have offloaded over 170 million ADA tokens in the last 96 hours, accentuating the negative outlook.
Additionally, ADA’s futures open interest (OI) continues to dwindle amidst the prevailing market pessimism. Data from Coinglass reveals a substantial decline in ADA’s futures OI from $1.48 billion to $542.4 million since the inauguration of pro-crypto President Donald Trump, underscoring a decline in trader confidence.