Cardano

Bitcoin

Cardano price wobbled below the vital $0.50 level in the early hours of Jan. 19, on-chain data trail reveals key details surrounding the price downtrend.&nbsp; 
Cardano price entered sizable gains in the first 10 days of January as investors gradually shifted focus from Bitcoin (BTC) to the altcoin markets. However, a wave of bearish headwinds and <a href="https://crypto.news/traders-liquidate-over-250m-amid-bitcoin-price-decline/" data-type="post" data-id="14240215" target="_blank" rel="noreferrer noopener">widespread market liquidations</a> saw ADA prices tumble below $0.50 on Jan. 19.&nbsp; 
What are the factors behind the current <a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA </a>price downtrend, and what can traders anticipate in the coming days?&nbsp; 
<h2 class="wp-block-heading" id="cardano-whales-spotted-offloading-120-million-ada-this-week">Cardano whales spotted offloading $120 million ADA this week</h2> 
Cardano’s price dropped below $0.50 on Jan. 19, down 25% from its peak of $0.62 on Jan 11. But looking past the price charts, the on-chain data trail reveals that the recent price downtrend could be attributed to a significant sell-off among Cardano whale investors.&nbsp; 
Santiment whales’ wallet balances chart tracks the real-time balances in wallets holding at least $100,000 worth of a cryptocurrency.&nbsp; 
Cardano whales holding 1 million and 100 million coins held a cumulative balance of 18.3 billion ADA as of Jan. 16. Since then, they have gone on a selling spree. Between Jan. 17&nbsp; and Jan. 19, they have sold 240 million ADA, cutting their balances down to 8.1 billion ADA. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="705" src="https://crypto.news/app/uploads/2024/01/image-65.png" alt="Cardano (ADA) Whales Wallet Balances" class="wp-image-14240664">
 <figcaption class="wp-element-caption">
 Cardano (ADA) Whales Wallet Balances | <a href="https://embed.santiment.net/chart?ps=cardano&amp;pt=ADA&amp;df=2023-11-20T00%3A00%3A00.000Z&amp;dt=2024-01-19T00%3A00%3A00.000Z&amp;emcg=1&amp;wm=price_usd%3B%5B3%3Bholders_distribution_combined_balance%3B1M_to_10M%3B10M_to_100M%5D&amp;wax=0%3B1&amp;wc=%2326C953%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
Valued at the current price of $0.50, the Cardano whales have sold off LINK tokens worth $120 million in the last three days. Singularly, a decline in balances held by whale investors is interpreted as a bearish signal.&nbsp; 
As ADA, worth $120,000, hit the market, Cardano’s price slumped. If it persists, the whales’ outsized sell-orders could crowd out bullish retail traders, putting ADA price under intense downward pressure.&nbsp; 
<h2 class="wp-block-heading" id="cardano-price-forecast-bears-target-0-45">Cardano price forecast: Bears target $0.45&nbsp;</h2> 
From an on-chain standpoint, the whales’ selling frenzy appears to be a major drive behind the ongoing Cardano price downtrend. Without a significant surge in market demand, ADA price looks set for further downsizing.&nbsp; 
However, the bulls could mount a significant buy wall at the $0.48 area. According to IntoTheBlock’s IOMAP data, 53,600 addresses had acquired 204 million ADA at a minimum price of $0.48.&nbsp; 
But if bears can break down this initial buy-wall, it could trigger another wave of panic sell-off, pushing prices toward $0.45.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="491" src="https://crypto.news/app/uploads/2024/01/image-64.png" alt="Cardano (ADA) Price Forecast" class="wp-image-14240663">
 <figcaption class="wp-element-caption">
 Cardano (ADA) Price Forecast&nbsp; – Source: <a href="https://app.intotheblock.com/coin/ADA/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noreferrer noopener">IntotheBlock</a>
 </figcaption>
</figure> 
On the flip side, the bulls could invalidate this negative forecast, if Cardano price can breakout $0.60 again. But as depicted above, the looming sell-wall at the $0.51 area could prove daunting. 
 You might also like: <a href="https://crypto.news/bitcoin-miners-enter-482m-buying-spree-amid-btc-price-slump/"> Bitcoin miners enter $482m buying spree amid BTC price slump </a>

Cardano whales make surprise $120m move; is ADA price at risk?

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