Cardano Price Plummets as Whale Holdings Decline and Technical Indicators Turn Bearish

Cardano's price has dropped by 5% in the last day, trading at $0.185. This decline is more significant than the rest of the crypto market, which is already weak due to concerns about inflation data. The Cardano price is also not driven by its own catalysts, but rather follows Bitcoin's lead and lags behind it.

Analyst Ali Charts has pointed out three warning signs for Cardano's price: whale holdings are decreasing, the MVRV ratio has crossed below its seven-day moving average (a death cross), and a sell signal is flashing on the daily Tom DeMark Sequential chart. These indicators suggest that the ADA price could drop further.

The number of Cardano whales holding between 1 million and 10 million ADA has decreased from 2,370 to 2,340 in just over a week. This decline could indicate that some whales are taking profits or redistributing their holdings. The MVRV ratio's death cross suggests weakening momentum and raises the risk of a deeper correction.