Cardano

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<p>A plausible explanation has emerged for why the <a href="https://bitcoinist.com/crypto-analyst-sets-5-target-for-cardano-price-how/" rel="nofollow">Cardano (ADA) price</a> has dropped below the psychological price level of $0.7. The <a href="https://www.newsbtc.com/news/cardano/cardano-ada-eyes-explosive-2000-bull-run-targeting-12-and-quadrupling-ath/">crypto token</a> saw a sharp correction from its monthly peak of $0.8, recorded on March 14, and has since failed to recover such a height.&nbsp;</p> 
<h2 id="cardano-whales-responsible-for-price-decline">Cardano Whales Responsible For Price Decline</h2> 
<p><a href="https://app.santiment.net/charts/iXhlYy3R__sCl" rel="nofollow">Data</a> from the <a href="https://bitcoinist.com/why-these-2-altcoins-could-witness-price-bumps/" rel="nofollow">crypto analytics platform Santiment</a> shows that the whale transaction count ($100,000 and above) on the network has reduced since March 14. That period was when Cardano hit a high of $0.8, which suggests that ADA whales began to take profits from then and have slowly exited their positions since then.&nbsp;</p> 
<p>Crypto whales are known to have a <a href="https://bitcoinist.com/shiba-inu-transactions-spree/" rel="nofollow">massive impact on the market</a>, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn’t peculiar only to the ADA ecosystem; these past few weeks have been marred by <a href="https://bitcoinist.com/dogecoin-whale-dumps-substantial-holdings-on-the-market-heres-how-much/" rel="nofollow">investors taking profits</a> from different crypto tokens in which they were invested.&nbsp;</p> 
<p>The flagship crypto, Bitcoin, was also not spared. Investors decided to take profits after weeks of seeing BTC make a parabolic run on its way to a <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">new all-time high (ATH)</a> of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as <a href="https://app.santiment.net/charts/iXhlYy3R__sCl" rel="nofollow">data</a> from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period.</p> 
<p>Specifically, March 20 was a busy day for these long-term holders as 200 million ADA tokens (which had been dormant for a year) moved on that day.&nbsp;</p> 
<h2 id="time-for-ada-to-run-to-1">Time For ADA To Run To $1</h2> 
<p>Like the broader crypto market, <a href="https://bitcoinist.com/cardano-recovery-time-to-moon/" rel="nofollow">Cardano looks to be recovering</a> from this recent wave of profit-taking, although at a slower pace. For its next leg up, there is the belief that the crypto token could finally break the $1 resistance. Crypto analyst Dan Gambardello <a href="https://bitcoinist.com/cardano-1800-price-explosion-12/#:~:text=Mysterious%20State%20Authority-,Cardano%20On%20The%20Brink%3A%20Crypto%20Analyst,1%2C800%25%20Price%20Explosion%20To%20%2412&amp;text=Crypto%20analyst%20Trend%20Rider%20has,ATH)%20and%20even%20surpass%20it." rel="nofollow">recently predicted</a> that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range.&nbsp;</p> 
<p><a href="https://bitcoinist.com/cardano-gearing-up-for-recovery/" rel="nofollow">ADA whales</a> are likely to soon return to the fold with whale transctions higher than $100,00 expected to pick up soon enough. A spike in these trasaction count would suggest that these investors are taking advantage of <a href="https://bitcoinist.com/cardano-ada-falls-below-0-4-is-it-time-to-buy/" rel="nofollow">ADA’s current decline</a> to accumulate more of the crypto token. That is something that could contribute to a rise in ADA’s price depending on how bullish these investors are on ADA going forward.&nbsp;</p> 
<p>At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to <a href="https://coinmarketcap.com/currencies/cardano/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/CskWZMBF/" alt="Cardano price chart from Tradingview.com" width="3286" height="1530"></p>

Here’s Why The Cardano Price Is Struggling Below $0.7

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