Cardano Price Prediction as ADA Becomes Best Performing Coin of the Day – Are Whales Buying the Dip?
The price of Cardano (ADA) has risen by 8% in the past 24 hours, with its jump to $0.282965 providing a partial correction to its steep fall over the weekend.
ADA fell as low as $0.238477 on Saturday, following the SEC's actions against Binance, which led to market makers withdrawing liquidity from the latter exchange, as well as Robinhood delisting the altcoin.
ADA is therefore down by 25% in the past week, with the altcoin up by only 15% since the beginning of the year (compared to 57% for BTC and 46% for ETH).
And with no signs that whales are actually buying ADA in significant numbers, it's not entirely clear if the altcoin will see a substantial recovery anytime soon.
ADA's chart and indicators unsurprisingly reflect some real weakness at the moment, with the coin's 30-day moving average (yellow) falling steeply below its 200-day average (blue) over the weekend.
Similarly, ADA's relative strength index (purple) slipped under 20 over the weekend, and while it has begun rising again, it still remains below 50, a level it may struggle to leave behind in the coming days.
Strengthening this fear is the fact that ADA fell through some important support levels over the weekend, plunging below $0.275 and then $0.250 in a move that may weaken its stability in the face of further selling pressure this week.
As noted above, ADA is suffering at the moment largely because the SEC referred to it as a security in new legal actions against Coinbase and Binance.
Not only did this cause ADA to fall at the time, but the classification of the altcoin as a security has already resulted in Robinhood delisting the cryptocurrency.
Other US-based exchanges could soon follow, potentially causing ADA to fall yet further.
This is why ADA is risky right
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