Cardano investors are heavily affected by the current market conditions. ADA lost its place in the Top 5 Cryptos by Market Cap. After a remarkable rally in 2021, the cryptocurrency could be back to their previous lows.
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At the time of writing, ADA’s price trades at $0.87 with a 2.3% loss in the last 24 hours. Cardano has a lower timeframe, with a 19.5% loss in the past 30 and 28.1% losses over the past one year.
ADA’s price seems to be following the general sentiment in the market as larger cryptocurrencies are trending to the downside over macro-factors and general uncertainty. Market participants are experiencing unrest due to the potential shift in US Federal Reserve’s monetary policy and the Ukrainian-Russian conflict.
Cardano appears to have suffered more losses than any other cryptocurrency in the top 10, according to market capital. These losses may increase to $0.85 in the near term.
Material Indicators data shows that the bulls are facing significant resistance at $0.89, which may keep prices low at their current levels at least temporarily. Below, you will see that there is approximately $2,000,000 in orders at $0.89.
Bulls must break through this resistance to reach the $1 level. There are fewer orders at these levels and it will be a major resistance. At this price, there are only $1 million worth of asks orders.
Bulls face more problems as the liquidity at $0.85 appears to be decreasing which could lead to further losses. The Cardano trend sank to its current level and bid orders fell from $1.5million to approximately $900,000.
Cardano Whales Are Featured in The Image, But Who Buys ADA at Current Levels Now?
The next important support is $0.80, which will prevent another plunge to previous lows if these levels fall. Data shows, however, that smaller investors and retail investors are both buying the dip over longer time frames.
Investors with asking orders exceeding $100,000 have been selling to current PA. Smaller investors, with orders below $100, have bought. Investors with bid orders of around $1,000 (green lines below) have shown support for bulls, although nothing has been significant in the shorter time frames.
Cardano whales may have purchased ADA in current levels over a longer timeframe, around a week. Data providedAn anonymous user stated that the number of addresses with more than 100,000 ADA has increased by over 1,000 ADA in this time period. This was added by the user:
Although it’s too soon to predict, we could see whales growing again.
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The recent mainnet improvements could lead to ADA Whales reaccumulating. As newsBTC reported, Cardano’s developer IOG is focused on updating the network scalability and throughput and recently implemented the first of three major updates for 2022.