Key Points:-
- Cardano (ADA) large sell activity increased by 90 percent as Google searches for “Is Cardano a good investment?”
- Cardano’s most important level is its recent price action of $0.64 and could determine the next move.
According to a report, over 170 million Cardano tokens are being sold by a whale. The number of ADA captured by the large holders confirmed the sharp fall in the wallet balance from just under 3.26 billion ADA to nearly 2.98 billion ADA.
This large-scale sale coincides with a deserving drop in ADA’s price, decreasing from around $0.83 to $0.65 during the same period. This clearly pointed out that holdings reduced over time, the price also fell.
This primarily suggested a negative sentiment among major holders, possibly indicating a further price drop in future.
In the opposite way, the sell off could present a good buying opportunity for new or existing holders at a lower price who are looking to capitalize on the lower price, potentially stabilizing the market.
Cardano Google Search Surge
As TapTools noted on X, Google search increased interest for various assets with Cardano’s increase by 90%. So, there was a significant boost in public curiosity about its potential as an investment.
Similarly, Polkadot [DOT] and Luna Classic have each seen their search volumes double, with increases of 110%, pointing to heightened market attention possibly due to recent developments or price changes.
Polkadot’s price at the same time last week was $6.36. It has moved by -19.4 % in the past week and is currently at $5..Terra Luna Classic’s price at the same time last week was $0.000083. It has moved by -5.20 % in the past week and is currently at $0.000079.
Looking at the price action of ADA, based on Fibonacci retracement levels from the peak and trough of its last bull cycle, showed that ADA was trading around a pivotal support level at $0.65. Fibonacci retracement is a technical analysis tool that helps traders identify potential support and resistance levels in the market. As a result, the altcoin Market faces an extended correction since mid-January.
