Cardano (ADA) Whales Losing Strength, Eye on $0.50
ADA, the native token of the Cardano blockchain, seems to be weakening day by day and appears to be losing control over the crucial support level. Today, February 11, 2025, a prominent crypto expert posted on X (formerly Twitter) and shared key levels of $0.67 and $0.81, which are currently providing crucial support for the asset.The expert noted that if ADA holds this level, there is a strong possibility it could set the stage for a strong rebound.Traders/Investors Mixed Sentiment Despite receiving support from the crucial level, investors and long-term holders have been dumping tokens, as revealed by the on-chain analytics firm Coinglass. Data from spot inflow/outflow shows that exchanges have witnessed an inflow of $4.5 million worth of ADA tokens, suggesting a potential sell-off due to the continuous price decline in recent days.Following this notable inflow onto the exchanges, there is a strong possibility that the asset could experience selling pressure and a further price drop.Despite the bearish sentiment among investors and long-term holders, intraday traders are showing a positive attitude toward ADA, as revealed by Coinglass.At press time, the ADA Long/Short ratio stands at 1.30, indicating strong bullish sentiment among traders. This is the highest Long/Short ratio among the top 10 cryptocurrencies. However, data further revealed that 56.30% of top traders currently hold long positions in ADA, while 43.70% hold short positions.When combining these on-chain metrics, traders and investors appear to have mixed sentiments.ADA Price Action and Upcoming LevelAccording to the expert’s technical analysis, ADA has turned bearish as it failed to hold the $0.75 level and has now fallen below the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting the asset is in a downtrend.Source: Trading ViewBased on the recent price action and historical patterns, if the price drop and bearish market sentiment remain unchanged and the price falls below the $0.65 level, there is a strong possibility it could drop to the $0.50 level in the coming days.ADA Current Market OutlookADA is currently trading near $0.70 and has experienced a price surge of over 2.55% in the past 24 hours. However, during the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.