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Market Sentiment

180 Million ADA Sold in 5 Days—Are Whales Losing Faith in Cardano?

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  • 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.

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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 nearly erased the losses Cardano‘s native token recorded over the previous week. Before ADA began to recover, it faced selling pressure at the start of the week because of wider economic concerns in the global economy. 

Therefore, the price collapsed for three consecutive days. However, buyers stepped in at the $0.594 mark, a level of solid support, coinciding with a rise in ADA’s price.

Cardano Holds Firm at $0.60 Amid Whale Sell-Off

Still, opportunities to buy ADA remain as long as the price is staying above the $0.60 mark. This means buyers are defending this level and not allowing the price to fall further. 

An additional buying pressure could bring the coin’s price above $0.63. The next target for ADA’s price is the one corresponding to the 50-day Simple Moving Average, which is currently around $0.70. 

If ADA can break above this level, it could continue its rise towards $0.83. However, should ADA break the support level below $0.59, the price may decline to the next support level at $0.50. 

If $0.50 is breached towards the downside, it would indicate that the recent upward momentum is ending and further decline is likely. If that is the case, the next level where ADA could find some support could be around $0.40.

Bitcoin Fear & Greed Index Reaches 31, Is The Market About To Recover Or More Pain To Come?

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  • Bitcoin is still volatile, with the bears prevailing in the market and traders feeling fear despite exercising caution.
  • The Bitcoin Fear and Greed Index is at 31 and has been sustained by investor anxiety since February despite the BTC price still holding important support levels.
  • Despite the market downtrend, clustered liquidation levels could allow a short-term Bitcoin price spike to $89,500.

Bitcoin is currently trading at $85,539.92, but there are chances of the market experiencing significant ups and downs throughout the next 22 hours. With this volatility, BTC’s price trajectory might be quite uncertain over the rest of the week or might even drop. 

This expected volatility is partly based on the current instability in the bond market, which also impacts stock prices. Since the crypto market tends to behave in a similar manner to the stock market, it affects the crypto market as well.

Also, at the moment, the Crypto Fear and Greed Index is at 31, indicating that fear is prevailing among investors. The factors that make up this index include trading activity, online discussion about crypto, search engine trends, as well as Bitcoin’s dominance in relation to other cryptocurrencies.

Data reveals that this fearful sentiment has failed to drop despite a rise in the value of Bitcoin above a pivotal support level of $82,500.

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Fear & Greed Index. Source: Alternative.me

Bitcoin Rainbow Chart Suggests Opportunity with Caution

Currently, the rainbow chart, a colorful investment tool that shows BTC’s long-term trends, says it could be a good time for long-term investors to buy BTC, with the notion that the coin is still inexpensive. 

Past market cycles have found Bitcoin’s highest zone, labeled “Sell, seriously SELL!”, coinciding with Bitcoin price peaks. Now, the chart suggests that if around late 2025 there is a similar pattern, BTC might touch $250,000. 

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Rainbow Chart. Source: Blockchain Center

Bitcoin Eyes $89.5K Amid Market Caution

As BTC’s price continues to dwindle, fear remains the rule of the day, with many traders and investors across the landscape playing it safe. Despite BTC holding above important support levels, it hasn’t been enough to increase their confidence. 

However, this is interesting based on the fact that liquidation levels are beginning to cluster up around the $89,500 price zone, according to Coinglass data. When large amounts of liquidations begin to accumulate at certain price levels, they can act as a potential target for any asset.

BTC could spike towards the $89,500 level if there’s a sudden burst of trading activity. This makes it an important level for traders to keep an eye on.

Chainlink’s Hidden Strength: Whale Accumulation Could Trigger $16 Rebound

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  • Chainlink’s price has taken a dip recently, indicating a definite sign of bearishness.
  • Data shows a major surge in whale transactions, which means that there might have been accumulation during the dip.
  • If the $13 resistance zone for LINK is broken, it could signify recovery, but it will face strong resistance.

Chainlink (LINK) is hit hard by market volatility and is down below its crucial support of $13 and currently trading at $12.88. LINK is down slightly by just 0.01%; LINK has not had a significant change over the past 24 hours. However, it has dropped by 16.89% over the past week, signaling a bearish trend. 

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LINK’s price. Source: TradingView

LINK has also been very volatile throughout the day, experiencing an intraday high of $13.10 before dropping to its current price. Also, Chainlink’s value has decreased by 13.22% in the past month and by 35.45% so far this year as a result of ongoing market volatility.

A Potential breakout

IntoTheBlock’s data shows a significant increase in activity for Chainlink from a low of $39.8 million to $122 million within 24 hours. As whales continue to accumulate more LINK around the price dip, a strong support level with room to rebound can be formed.

Chainlink’s ongoing downtrend recently brought it below an important level of $13. According to analysts, hitting $13 may be the beginning of LINK bottoming out, and soon LINK will gain momentum and breakout towards higher price targets. 

If buyers begin purchasing in greater numbers and drive the price above $13, LINK could climb to the next resistance level.  By then, it could instill confidence in the market and drive the price to $16.

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Source: TradingView

The question, however, is whether LINK can stay above $13 before it continues to head lower, perhaps capping around $11.70. If the price goes below this level, further declines are likely, and a negative outlook for Chainlink is anticipated.

A Dip and Rebound

According to some experts, LINK could hit $13 and even reach $16. However, on the negative side, it could go down to $11.70. Other analysts believe the price of Chainlink can touch $17.46 by April 28, 2025, representing an increase of 23.27% from its current price.

The optimism in community sentiment is still high, as 87% of voters are bullish on LINK despite the recent price fluctuations. The community sentiment trend has increased by 5.6% in the last week, which shows growing confidence among investors.

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Community Sentiment. Source: CoinMarketCap