Published on mei 23, 2024, 1:03 am
Image source: Fox News
```json { "TLDR": "Cardano whales are accumulating more ADA during the market correction despite concerns about centralization. Analyst criticism led to a price drop, but positive indicators suggest a potential rise if key moving averages are surpassed. Major holders show optimism for ADA's growth despite centralization risks highlighted by observers." } ```
Cardano whales are embracing the recent market correction to accumulate more ADA, showing resilience against concerns related to centralization within the project. Despite criticism from analyst Justin Bons about Cardano’s centralization, large holders are displaying confidence in the cryptocurrency during this period of decline.
The price of Cardano (ADA) saw a 7.25% drop to $0.474 on May 22, following accusations of excessive centralization within the blockchain project. Bons highlighted Input Output Global’s significant control over 5 out of 7 crucial “genesis keys,” raising questions about decentralization within the system.
Bons’ remarks triggered a bearish sentiment, suggesting a potential 30% price dip by June. The current correction phase is also influenced by a descending trendline resistance and formation of a symmetrical triangle pattern, indicating a possible further downtrend if support levels break.
Despite short-term challenges, there are positive indicators for ADA’s future price action. If ADA manages to surpass key moving averages, like the 50-3D and 200-3D EMAs, it could target $0.67 as an initial upside aim – marking a substantial rise from current levels.
Interestingly, amid these developments, major ADA holders have been increasing their holdings despite concerns raised about centralization risks by observers like Bons. This accumulation trend among whales suggests optimism regarding ADA’s long-term potential for growth and value appreciation.
In conclusion, while there are diverging opinions and market dynamics affecting Cardano’s price trajectory currently, the behavior of large holders indicates ongoing confidence in the cryptocurrency’s prospects. However, it’s essential for investors to conduct thorough research and consider risks before making any financial decisions in this volatile market environment.
Original article posted by Fox News
