Cardano Price Nears Death Cross Despite Whale Holdings at 9-Year High – Bearish Ahead?
Highlights
- Cardano price faces a bearish test as a death cross approaches on the weekly chart.
- Despite this approaching pattern, whales keep buying Cardano and have the highest holdings since 2017.
- Cardano price could crash to $0.16 after dropping below the support zone of $0.24.
Cardano (ADA) price is down 3.67% today, May 28, to trade at $0.23 at the time of writing. Cardano might go below $0.20 because a death cross may cause the price to drop in June 2026. But whales are still buying, and they hold more Cardano than they ever had in nine years, raising the question whether ADA is on a bullish or a bearish path.
Whales Increase ADA Holdings to Highest Level Since 2017
Santiment says that those who have at least one million ADA have purchased 25.11 billion coins. They have never held this many coins since 2017, and they now have 67.49% of the supply in their control.
“As a long-term indicator, this is a bullish signal for those who can be patient enough to hold,” Santiment said.
But this buying by whales is not causing the price to go up because the chart shows they have been buying the 25.11 million ADA since May 2021. That means small traders also have to buy ADA for the price to jump after going down by 92% from the all-time high of $3.10.
Data from Coinglass also shows that there were 16.76 million Cardano removed from exchanges since May 22, but the price dropped from $0.25 to $0.22. That shows that ADA is going down because of the weakness of the broader market, where Bitcoin has dropped below $73,000.
Cardano Price Nears Death Cross as Bears Test Support
A previous CoinGape Cardano price analysis said Cardano might drop to $0.20 after it created a head and shoulders. It has moved below the support of $0.242, and it might reach $0.20.
Zooming out to the weekly chart shows a death cross is approaching that might take ADA price to the 161.8% Fib retracement level of $0.16. Bears will get a good grip if it occurs as the 50-day SMA moves down because it could drive a rise in selling pressure.
But the cross has not always caused a bearish long-term Cardano price prediction because it was also formed in December 2022, but the price went up from $0.23 to $0.41 after six weeks. Cardano could go up by 78% again as it did in 2022 if history rhymes.
The RSI reading of 33 shows that the momentum is weak, and that is why Cardano price has gone from $0.40 in January 26 to $0.23 today, May 28. But this RSI is also near the point where sellers are in exhaustion, and that might prevent the fall to $0.16.
There is also a support zone between $0.24 and $0.25 that bulls have been defending since early February 2026. This zone might act as a magnet that pulls the Cardano price up to the 61.8% Fib of $0.256.
Frequently Asked Questions (FAQs)
1. Why is Cardano price down today?
2. Is a death cross bullish or bearish for Cardano?
3. Why are whales buying Cardano?
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