Cardano's price movement today is largely influenced by a significant reduction in trading activity among its largest holders, known as whales. On-chain data indicates a 90% drop in netflow from these major investors over the past week, suggesting a lack of confidence in ADA's short-term prospects. This decline in whale activity has coincided with a growing bearish sentiment, as evidenced by ADA's negative funding rate of -0.005%, which reflects increased short interest in the coin. The combination of reduced whale activity and rising demand for short positions has contributed to the downward pressure on ADA's price.
Adding to the negative sentiment, Cardano is currently trading below its Super Trend indicator, a momentum tool that signals market direction. This positioning suggests that selling pressure is dominating, with the potential for ADA's price to fall further if the current trend persists. The bearish outlook is reinforced by the fact that ADA's price remains below key resistance levels, making it vulnerable to further declines unless there is a shift in market dynamics.
Cardano's price has decreased by 0.99% today, reaching a low of $0.738416.