Summary
TLDR: Cardano (ADA) price has been struggling to break through resistance levels, with short-term traders holding a significant amount of ADA and whales potentially looking to secure profits. The price may decline if it fails to breach $0.74, but as long as it remains above the neutral RSI line at 50.0, there is still a chance for recovery. Investors should conduct their own research before making any financial decisions.
Key Points
1. Cardano (ADA) price has been struggling to maintain its gains, with investors showing signs of potential selling pressure.
2. Short-term traders have increased their holdings of ADA by 12.9% to 18.4% in the past month, leading to potential volatility in the price.
3. Whales, despite holding less than 9% of the total circulating supply of Cardano, are responsible for about 90% of the total on-chain transactions, indicating a possible profit-securing behavior that could impact ADA’s price.