The post Cardano (ADA) Price Prediction for February 28 appeared first on Coinpedia Fintech News
Today, February 27, 2025, ADA, the native token of the Cardano blockchain, appears to be confirming its bearish outlook due to recent whale activity and the bearish price action it has formed on the daily timeframe.
Cardano (ADA) Current Price Momentum
During the Asian trading session, ADA experienced an upside rally, seemingly attempting a recovery, but later plummeted, once again falling below the crucial support level of $0.65.
ADA is currently trading near $0.65 and has experienced a modest price drop of 0.85% in the past 24 hours. However, during the same period, its trading volume declined by 5.5%, indicating lower participation from traders and investors due to high price fluctuations in the asset.
ADA Price Action and Key Levels
According to expert technical analysis, ADA appears bearish as it has breached and closed a daily candle below the $0.65 mark.
Based on the current price action and historical patterns, if ADA remains below the $0.68 level and further closes a daily candle below the $0.63 mark, there is a strong possibility that the asset could drop by 30% to reach the $0.425 level in the future.
Due to the ongoing market decline, ADA’s price has dropped below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in a downtrend.
Whales Dump 170 Million ADA
In addition to ADA’s bearish outlook, a prominent crypto expert shared a post on X (formerly Twitter), highlighting that crypto whales have sold over 170 million ADA tokens in the past 96 hours, further supporting the bearish sentiment.
With this bearish outlook and overall weak market sentiment, ADA’s futures open interest (OI) continues to decline. Data from Coinglass shows that since the inauguration of U.S. pro-crypto President Donald Trump, ADA’s futures open interest has dropped significantly from $1.48 billion to $542.4 million, signaling declining trader confidence.
