Cardano Whales Stay Quiet as ADA’s Chart Flashes a Sell Signal

Cardano could face more downside if $0.21 fails, though the current sell signal alone does not confirm a breakdown. Cardano’s ADA edged up 4.3% on Wednesday as it made a fresh attempt to recover, which pushed its price to over $0.22. But its technical outlook remains shaky. Another Correction Ahead? ADA is flashing a warning as its SuperTrend indicator turned bearish, according to the latest findings by Ali Martinez. The shift puts the traders of the crypto asset on alert. But it is important to note that a deeper drop is not confirmed yet. Martinez explained that the indicator’s last comparable bearish signal appeared on May 22 and was followed by a 46% price correction, although the same outcome is not guaranteed this time. At the same time, large Cardano holders with 100 million to 1 billion ADA have kept their holdings relatively steady over the past 10 days. Their activity offers no clear sign of whether they are preparing to buy or sell. The next major level to watch is $0.21, which marks the lower boundary of ADA’s rising price channel. A daily close below that level could open the door to a decline toward $0.17. Trend Rider weighed in as well and said that Cardano remains i...