- ADA lost almost 7% of its value in the past seven days.
- By December, an upside breakout was on the horizon for ADA, barring any unforeseen events.
Cardanos [ADA] the weekly price chart was painted red, reflecting the overall market performance over the same period. According to the eighth largest cryptocurrency, it lost almost 7% of its value in the past seven days CoinMarketCap facts.
Read ADA’s 2023-24 price forecast
Longer term, it was clear that ADA was in a consolidation phase, with the price fluctuating between $0.2 and $0.3 over the past four months.
Where is ADA going next?
Interestingly, the ongoing trajectory was similar to that of 2018-2020, according to popular on-chain analyst Ali Martinez at X. He outlined two likely scenarios for ADA from this point: one bearish and the other bullish.
Source: @ali_charts/Trading View
The bearish scenario predicted a prolonged consolidation phase for ADA, with participants waiting until 2024 for a breakout to the upside. This story was based on historical readings. Recall that the Covid-19 pandemic hit the market around the same time, preventing ADA from gaining traction.
On the other hand, the bullish idea suggested a breakout in December by ruling out the impact of unforeseen events such as Covid-19.
Technical analysis is often subjective and can give conflicting signals. Readers were advised to exercise caution and always use DYOR.
Whales give conflicting signals
It made sense to examine other indicators in the chain to understand whether they supported ADA’s rally soon. The whale offer was a reliable instrument in this regard.
According to Santiment, mixed signals were being given by whale investors. While the cohort who owned between 1,000 and 1 million ADA coins steadily added to their stacks over the past month, significant outflows were seen from the group who held between 1 million and 10 million coins.
Therefore, it was difficult to conclusively determine what impact whale trades had on ADA’s price movement.
Source: Santiment
How much are 1,10,100 ADAs worth today?
ADA maintains a positive sentiment
Despite the uncertainty and recent price declines, most investors seemed positive about ADA. This was reflected in the positive Weighted Sentiment, which implied that positive commentary on ADA outweighed the negative discussions surrounding it.
At the time of writing, ADA exchanged hands at $0.2456, up a marginal 0.22% in the 24-hour period.
Source: Santiment
