TL;DR
Cardano’s ADA dropped by double digits in a week, with whales offloading over 170 million tokens, potentially signaling more downward pressure.
Hopes for a rebound rest on the potential approval of a spot ADA ETF filed by Grayscale, which could attract traditional investors and boost demand.
More Pain Ahead?
Cardano’s ADA was trading well above $0.80 towards the end of last week. However, the start of the new business week offered a lot of pain for the bulls, with the asset plunging to as low as $0.63 (per CoinGecko’s data). ADA slightly rebounded over the past several hours to the current $0.67. Still, this represents a 15% decline on a seven-day scale.
ADA Price, Source: CoinGeckoAccording to some factors, the negative trend could be far from over. The popular