Cardano [ADA] has crashed 30% so far in June, and the founder, Charles Hoskinson, recent statement has not made things any better.
In fact, part of the losses were driven by a recent Hoskinson post that the community misread as him exiting the network. On Thursday, Hoskinson clarified that he’s not leaving the chain.
However, he said that he will take a summer leave from X (formerly Twitter), citing toxicity. Furthermore, he warned those expecting him to prop up ADA’s price to rethink their strategy.
If you want someone to make $ADA go back to all-time highs, I’m not your person.
The altcoin dumped 10% after his statement. As of this writing, ADA was down another 10%, effectively falling to a six-year low of $0.162.
What’s next for ADA?
With the soured market sentiment and ongoing bearish pressure on Bitcoin, ADA’s pullback could extend.
If bulls fail to defend the $0.157 support, then the plunge could hit the next potential floors at $0.10 or $0.029, a key area that marked the bottom for the 2019 and 2022 bear market phases.
If so, the altcoin could still bleed another 35%-80%, depending on the next two support levels.
It was unclear whether the altcoin would bottom out at the same level it did in 2019 and 2020. But these were key levels to track if broader crypto market weakness deepens in late June and Q3.
Despite the noise and the FUD, key whale wallets holding 1-10 million ADA and 10M-100M ADA have been aggressively buying the dip since last October. These whale cohorts hold nearly 20 billion ADA, or 52% of the overall supply.
Overall, ADA’s market sentiment worsened after Hoskinson’s statement, extending monthly losses to 30%. This marked a new low, last seen in 2020.
But the worst may not be over for the altcoin if broader market contraction extends into Q3. If so, the next potential floor price levels could be $0.10 or $0.029.
Final Summary
- ADA’s monthly losses hit 30%, dragging the altcoin to a 6-year low of $0.15.
- Whales controlling more than half of the supply have increased their dip-buying spree.