Cardano (ADA) Price Forecast for February 28: What’s Next for ADA?

The crypto market is currently on a downtrend due to recent macroeconomic events. As a result, every coin’s prices are at a volatile precipice. While some coins are making bullish runs in bursts, or some have confirmed their bearish outlook. ADA, native coin of the Cardano blockchain, is a coin that just confirmed its bullish outlook. Sources suggest that the latest whaling activity has resulted in this bearish outlook.  

ADA Current Price Momentum 

During the Asian Trading session, ADA showed some bullish rally. Experts believed that this was the coin’s attempt to recover its price. However, the coin plummeted again and was testing the support level of $0.65. This has certainly put people on edge and that can increase the general selling pressure.  

At press time, ADA is trading near the $0.65 support level. The token has experienced a moderate price drop of 0.85%. In the last 24 hours. At the same time, the overall trading volume of the coin fell by 5.5%. Therefore, indicating a lower level of participation by investors.  

ADA Key Levels & Price Action 

ADA appears bearish as it has breached and closed a candle below the $0.65 support level. Based on historical price trend, ADA might decline by 30% and reach the  $0.425 if this continues. The 200 Exponential Moving Average (EMA) also shows that the token is on a downtrend, which is not a good sign. At the moment, the best move is to start selling, if you want to recover anything. Or, you can choose to wait out the storm.  

Adding fuel to the fire, reports suggest that crypto whales have flushed around 170 million ADA tokens in just 96 hours. Therefore, this is another reason that could sustain the bearish momentum of the token. This can put the token in a compromising situation where it might eventually lose its value.