Cardano (ADA) has experienced a significant drop in the past week, losing 20% of its value. Despite this, whales have been heavily accumulating. Reports indicate that whales holding 10 million to 100 million ADA have added over 300 million ADA (approximately $200 million) to their holdings in the past week. This behavior reflects large investors’ confidence in a potential price improvement. However, Cardano’s correlation with Bitcoin (BTC) has been steadily increasing and has reached 0.75. Therefore, if Bitcoin comes under selling pressure, ADA’s price may also decline further. Nonetheless, this correlation is two-sided; if Bitcoin conditions improve, Cardano is likely to follow suit. Currently, Cardano is trading around $0.66. The descending trend that has persisted for over 6 weeks has placed this cryptocurrency in a downward pattern. However, if whale accumulation continues and market conditions shift in Cardano’s favor, this altcoin’s trend could reverse. Cardano has managed to maintain support at $0.62. If whales continue to support the price and the market moves positively, Cardano may break the $0.70 resistance. Turning this level into support could signal the end of the downward trend and initiate a new bullish rally. Conversely, if Cardano fails to break the $0.70 resistance, the price may return to $0.62 or lower. Losing this support could bring ADA below $0.60 and weaken the bullish outlook. Visit the live digital currency price page to track the prices of all tokens and cryptocurrencies in real time.
