- Retail investors are excited about ADA’s recovery; however, whales are taking advantage of it, having sold off 180 million tokens over five days to take profits.
- Cardano’s price rebounded from early-week lows, reaching above $0.63 after a bounce off strong support at $0.594.
- The coin is bullish if it stays above $0.60, but a fall below $0.50 indicates a deeper downtrend.
Recently, a pool of large Cardano holders (whales) sold about 180 million ADA tokens in just 5 days, as a slight upswing in the price of ADA took place. This was noted by crypto analyst Ali (@ali_charts), who believes that the selloff was simply due to the whales taking profit.
As shown in the chart he posted, there was a small upward price movement during the week, along with a decline in whale holdings. At press time, ADA’s price has increased by 1.6% in the last 24 hours, trading at $0.627.
The recovery has been slight, but it…
