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The price of Cardano 
$0.795318 (ADA) has declined to critical support levels due to a drop in the early days of the month. Finding strong support at the $0.70 level, ADA bounced back, preventing a deeper decline. Since the last trading day, the price has gained some stability and started the new day positively. However, uncertainty about the future of ADA coin’s price remains.
Cardano Whales Withdraw from the Market
Since the beginning of the year, Cardano’s ADA has struggled to exceed the $1 mark. This situation has diminished the interest of major investors in the altcoin. According to data from IntoTheBlock, net inflow from large ADA holders, who possess over 0.1% of the total supply, has dropped by 90% in the past week.
This data provided by IntoTheBlock explains why ADA’s price movements have become extremely volatile. The drop from $0.977 to $0.75 in the past month has polarized investors. Some argue that the declines present buying opportunities, while others predict that the price could drop further. However, interest among investors has increased following the declines, partially supporting the price upward.
Can ADA Coin Rise Again?
ADA’s price has fallen below the rising trend line due to the recent pullback, creating a downward channel. As the price reaches the lower support trend line of this channel, an upward reaction has begun. For this movement to confirm a new upward wave, it needs to continue.
Technical indicators are signaling upward trends. In particular, the Chaikin Money Flow (CMF) indicator and the Relative Strength Index (RSI) are providing bullish signals for ADA’s price. If the altcoin can surpass the $0.786 level, it may initiate a strong movement towards the $0.90 level. However, for a more significant and robust rise to commence, investor confidence needs to increase again.
