After a good rally, the whales seem to want to make a profit for this altcoin and are giving a sell signal after the recent rallies.
Sell signal issued for this altcoin
According to tweets from prominent crypto analyst Ali Martinez, Cardano’s ADA has issued a sell signal on its 4-hour and 1-hour price chart. The analyst comes to this conclusion by using the TD Sequential, which traders can use to detect trend reversal. Martinez’s hourly chart analysis touched $0.27 and $0.266 as potential targets for downside price action, hinting that this is likely a result of taking profits. cryptocoin.comWe have listed the best predictions of TD Sequential for you in this article.
It is worth noting that the crypto asset has made an impressive start to the year. It rose instantly by 12.3% from its opening price on January 1. Santiment Feed attributed the latest rally to renewed whale buildup. According to a recent report, whales have added more than 217 million ADA to their bags since January 1, after selling more than 568 million cryptocurrencies in the last 2 months of 2022.
Notably, the asset looks poised to reverse the uptrend. However, according to a recent report, prominent trader Duo Nine warned that the asset must break the resistance at $0.30 for the recent rally to be seen as a bullish reversal. Otherwise, Duo Nine warned it could be a bull trap. So far, the price of the asset has remained below the above-mentioned resistance level. ADA is trading at $0.27, up 1.22% in the last 24 hours.
ADA interest of whales
Towards the end of 2022, there was some selling from major ADA investors as momentum in the crypto market waned. This was not unusual, as the holidays have historically triggered sales and profits. Cardano whales had sold over 569 million ADAs during this time.
The result was further selling pressure on the digital asset that drove its price below $0.25, making it the lowest price point since the start of 2021. As Santiment points out, this 2022 has seen its total assets drop drastically as investors hold between 1 million and 100 million ADA in their balances as it ends.
However, this class of investors seems to have entered the new year with renewed vigor as they have started to reclaim their discarded tokens. The report shows that in the first five days of 2023, these big investors have already added more than 217 million ADA to their stash. This brought the percentage of supply they currently hold to 57.22%. This isn’t the highest ever, but it’s certainly an encouraging number.