{"id":600019,"date":"2024-03-27T17:00:36","date_gmt":"2024-03-27T17:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=600019"},"modified":"2024-03-27T13:55:09","modified_gmt":"2024-03-27T13:55:09","slug":"cardano-price-below-0-7","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/cardano\/cardano-price-below-0-7\/","title":{"rendered":"Here\u2019s Why The Cardano Price Is Struggling Below $0.7"},"content":{"rendered":"

A plausible explanation has emerged for why the <\/span>Cardano (ADA) price<\/span><\/a> has dropped below the psychological price level of $0.7. The <\/span>crypto token<\/span><\/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.\u00a0<\/span><\/p>\n

Cardano Whales Responsible For Price Decline<\/h2>\n

Data<\/span><\/a> from the <\/span>crypto analytics platform Santiment<\/span><\/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.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?<\/a><\/div>\n

Crypto whales are known to have a <\/span>massive impact on the market<\/span><\/a>, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn\u2019t peculiar only to the ADA ecosystem; these past few weeks have been marred by <\/span>investors taking profits<\/span><\/a> from different crypto tokens in which they were invested.\u00a0<\/span><\/p>\n

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 <\/span>new all-time high (ATH)<\/span><\/a> of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as <\/span>data<\/span><\/a> from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Time For ADA To Run To $1<\/h2>\n

Like the broader crypto market, <\/span>Cardano looks to be recovering<\/span><\/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 <\/span>recently predicted<\/span><\/a> that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range.\u00a0<\/span><\/p>\n

Related Reading: Ripple CEO Responds To SEC\u2019s Shocking $2 Billion Demand<\/a><\/div>\n

ADA whales<\/span><\/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 <\/span>ADA\u2019s current decline<\/span><\/a> to accumulate more of the crypto token. That is something that could contribute to a rise in ADA\u2019s price depending on how bullish these investors are on ADA going forward.\u00a0<\/span><\/p>\n

At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Cardano<\/p>\n

ADA price struggles below $0.7 | Source: ADAUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from The news Crypto, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A plausible explanation has emerged for why the Cardano (ADA) price has dropped below the psychological price level of $0.7. The crypto token saw a sharp correction from its monthly peak of $0.8, recorded on March 14, and has since failed to recover such a height.\u00a0 Cardano Whales Responsible For Price Decline Data from the crypto analytics platform Santiment 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.\u00a0 Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000? Crypto whales are known to have a massive impact on the market, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn\u2019t peculiar only to the ADA ecosystem; these past few weeks have been marred by investors taking profits from different crypto tokens in which they were invested.\u00a0 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 new all-time high (ATH) of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as data from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period. 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.\u00a0 Time For ADA To Run To $1 Like the broader crypto market, Cardano looks to be recovering 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 recently predicted that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range.\u00a0 Related Reading: Ripple CEO Responds To SEC\u2019s Shocking $2 Billion Demand ADA whales 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 ADA\u2019s current decline to accumulate more of the crypto token. That is something that could contribute to a rise in ADA\u2019s price depending on how bullish these investors are on ADA going forward.\u00a0 At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to data from CoinMarketCap.\u00a0 ADA price struggles below $0.7 | Source: ADAUSDT on Tradingview.com Featured image from The news Crypto, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":600040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,12332,89230,12329],"class_list":["post-600019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-cardano","tag-cardano-news","tag-cardano-price"],"acf":[],"yoast_head":"\nHere\u2019s Why The Cardano Price Is Struggling Below $0.7<\/title>\n<meta name=\"description\" content=\"A plausible explanation has emerged for why the Cardano (ADA) price has dropped below the psychological price level of $0.7.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s Why The Cardano Price Is Struggling Below $0.7","url":"http:\/\/ktsl888.com\/news\/cardano\/cardano-price-below-0-7\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/cardano\/cardano-price-below-0-7\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Cardano_334298.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Cardano_334298.jpeg?fit=299%2C168"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","ada news","ada price","adausd","adausdt","cardano","cardano news","cardano price"],"dateCreated":"2024-03-27T17:00:36Z","datePublished":"2024-03-27T17:00:36Z","dateModified":"2024-03-27T17:00:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s Why The Cardano Price Is Struggling Below $0.7\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/cardano\\\/cardano-price-below-0-7\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/cardano\\\/cardano-price-below-0-7\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Cardano_334298.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Cardano_334298.jpeg?fit=299%2C168\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"ada news\",\"ada price\",\"adausd\",\"adausdt\",\"cardano\",\"cardano news\",\"cardano price\"],\"dateCreated\":\"2024-03-27T17:00:36Z\",\"datePublished\":\"2024-03-27T17:00:36Z\",\"dateModified\":\"2024-03-27T17:00:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Cardano_334298.jpeg?fit=299%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/600019"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=600019"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/600019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/600040"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=600019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=600019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=600019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}