Cardano Faces Price Drop Amid Death Cross Concerns
- Cardano sees price decrease linked to death cross; ETF approval fades.
- Charles Hoskinson silent on ADA price and ETF status.
- Whale activity and liquidations prompt market volatility.
Cardano (ADA) experiences heightened downside risk due to a newly formed death cross and declining ETF approval odds, as observed in the first days of November.
This situation could lead to significant market volatility, with whale activities and liquidations further intensifying ADA’s price challenges.
The Cardano price faces potential further decline as a death cross recently formed. This, coupled with fading ETF approval chances, has contributed to investor concerns and a notable market reaction in the crypto community.
Charles Hoskinson, Cardano’s founder, has not made any public statement regarding the current price downturn. However, Frederik Gregaard remains focused on broader strategies, highlighting decentralization at the latest Blockchain Forum.
On-chain analyst Ali reports that large Cardano holders have recently sold 100 million ADA, exacerbating its price decline. This finding is supported by data from on-chain monitoring services, indicating a strategic move by whale investors. Ali mentioned, “Large Cardano holders took profits in the last three days as the price fell, with 100 million ADA sold by whales in 72 hours.”
The financial implications include heightened market volatility due to large-scale liquidations of leveraged ADA positions. This has sparked wider concerns about the potential financial consequences for the Cardano ecosystem.
The Cardano Foundation has not issued any emergency announcements or made developmental changes despite the current situation. This suggests continued confidence in Cardano’s foundational technologies despite the challenging market environment. Frederik Gregaard, CEO of the Cardano Foundation, has stated, “To create true abundance, we must learn from Bitcoin and embrace the vision — a decentralized world where collaboration is intrinsically incentivized and trust is built through cryptography.”
Historically, a death cross predicted drops in ADA prices. The ETF approval odds have decreased from 96% to 68%, reflecting reduced optimism within the community and among investors.
