Cardano Confirms Death Cross as Major Sell-off Hits Market

According to Ali, a crypto analyst, large Cardano holders took profits in the last three days as the price fell, with 100 million ADA sold by whales in 72 hours.

At press time, Cardano was trading down 5.36% in the last 24 hours to $0.611, in line with the ongoing broader market sell-off, and 4.6% weekly.

Cardanos next support is envisaged at $0.59 if the declines continue, and in the event of a relief rally, bulls might face resistance at $0.742 and $0.769.

$1.13 billion sell-off hits market

The crypto market, led by Bitcoin, experienced significant volatility in the Thursday session, resulting in over $1 billion in leveraged bets liquidated.

Fresh selling pressure on Thursday saw $1.13 billion in leveraged futures liquidations, with long traders taking the bulk of the losses ($975.66 million), while shorts liquidation came in at $163.11 million.

The Federal Reserves 25-basis-point rate cut was followed by cautious remarks from Chair Jerome Powell, impacting market optimism.

As anticipated, the Federal Reserve delivered a widely expected 25-basis-point rate cut on Wednesday, only for Chair Jerome Powell to dampen optimism with cautious comments suggesting that Decembers rate cut might not be guaranteed.