The Cardano price action shows little respite for holders despite the recent short-term bullishness that pumped the ADA price by nearly 4%
The Cardano (ADA) price action has been rather dramatic since reaching its all-time high. Even though ADA managed to maintain its spot in the top 10 ranked cryptos by market cap, its price action has kept ADA holders wanting more.
The Cardano price recently touched the $0.31 level, equating to an 85% loss from its all-time high price of $3.10 made in August 2021. After making an all-time high, the ADA price has traded under a major bearish trendline.
After the Cardano price dropped back to January 2021 levels, what could be next for the eighth-ranked cryptocurrency by market cap?
ADA whales and sharks offloading
A look at Cardano address balances indicated that sharks and whales were off-loading their coins. Since May 2022, these groups have sold 600 million ADA and seem to be actively…
