Cardano’s ADA Falls Below $0.61 as Whale Selling Sparks Technical Breakdown
Cardano’s ADA dropped sharply on Thursday, sliding more than 6% in the past 24 hours to $0.605, after large investors reportedly offloaded roughly $100 million worth of tokens.
The selloff broke through a key support level at $0.61 — a zone closely watched by traders — as trading volume jumped 42% above the weekly average. On-chain data shared on X indicates wallets holding between 100 million and 1 billion ADA led the move, unloading tokens over a three-day stretch.
The timing of the selling coincided with ADA testing the upper boundary of a multi-month triangle pattern near $0.70, suggesting targeted profit-taking rather than panic selling. Still, the breakdown below $0.61 marks a bearish shift, with downside risk extending toward $0.55 if prices fail to reclaim the $0.60 threshold, according to CoinDesk Research’s model.
At publication, ADA was trading just under $0.60, underperforming the broader CoinDesk 20 index, which declined around 5%. Cardano’s market capitalization sits at approximately $22.5 billion, maintaining its position as the tenth-largest cryptocurrency.
Despite the sharp pullback, technical signals indicate potential for near-term stabilization. The Relative Strength Index (RSI) has dipped to around 40 — often a precursor to short-term rebounds — while the MACD is nearing a bullish crossover, hinting at waning downside pressure.
Traders are now watching whether ADA can hold above $0.60 and attract renewed buying interest before confirming a deeper correction.
