• ADA reverts to its latest support level after the recent sell pressure.
• ADA risks more downside as whales continue dumping despite the support retest.

Cardano’s ADA reverted to a bearish performance after the crypto market’s latest failed bullish attempt. As a result, ADA’s price action has once again pushed back to a previous support range

Realistic or not, here’s ADA’s market cap in BTC’s terms

ADA exchanged hands at $0.25 at press time, which means it reverted to its recent bottom range. The same range previously acted as a support range where accumulation has taken place. There is a perception that the same price range could act as the bottom for the current bear cycle considering ADA’s massive drawdown from its ATH.

The Money Flow Index (MFI) confirmed that ADA’s current support level was attracting a significant amount of accumulation. This means many traders expect the price to bounce off from the same support level. However, ADA has been struggling to secure bullish momentum for a good reason.

Whales are currently holding the bull hostage

On-chain data confirmed that whales were holding back ADA bulls. According to the supply distribution metric, addresses holding between 10 million and 100 million ADA coins (denoted in pink), have been trimming their balances in the last three days. The same category currently controls roughly 34.32% of ADA’s circulating supply.

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Author: Michael Nderitu

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