Cardano (ADA) Price Drops near to $0.60 as Long-Term Holders Sell
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YEREVAN (CoinChapter.com) — Cardano (ADA) continues to trade below key resistance, with the price holding near $0.61 as of April 16. The asset briefly recovered from the $0.55 support but failed to break above $0.65, keeping bearish pressure in place.
The chart shows the 50-day EMA at $0.6951 acting as a ceiling. ADA has stayed under this moving average since early March. Unless the price reclaims this level, upward momentum remains limited.
Fibonacci levels confirm the current range. Cardano bounced from the 0.786 Fib support at $0.5490. However, it now faces resistance at the 0.618 level around $0.7182. The next major pivot lies at $0.8370, but it won’t come into play unless ADA breaks above both the EMA and the $0.70 range.
Meanwhile, the Relative Strength Index (RSI) sits at 43.5. This reading, still below the neutral 50 mark, signals weak buying strength. As long as RSI remains low, recovery attempts may stay short-lived.
Trading volume also remains muted. The lack of strong buying interest suggests that recent price action does not reflect a confident reversal. Without fresh momentum, ADA risks dropping back toward the $0.55 support zone.
Overall, the price needs to reclaim $0.65 and flip it into support. If that happens, ADA could aim for $0.70 and higher. If not, the bearish structure stays intact.
At the same time , the Age Consumed metric jumped sharply over the past week, showing that long-term holders (LTHs) increased their selling activity. When Cardano’s price saw a brief rise earlier in the week, these holders likely took the chance to cash out and lock in gains. Their exit added pressure on the market and pushed the price down.
This wave of selling highlights that LTHs are exiting due to growing caution amid market uncertainty. Faced with continued uncertainty, many appear unwilling to hold their tokens longer. As a result, Cardano’s market sentiment has turned from optimistic to cautious.
Adding to this bearish trend, crypto analyst Ali Martinez reported that whales offloaded over 100 million ADA in the past week.
This large-scale distribution suggests that even major holders are reducing their exposure. Combined with LTH exits and a failed breakout attempt at $0.65, the whale activity reinforces the idea that Cardano remains under strong selling pressure. Unless the price reclaims key levels, the current trend points to further downside risk.
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