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Due to the fact that recently a significant number of token sales were made by a single address on the Cardano network, Meld, DeFi, the non-custodial banking protocol, has been charged with insider trading. Two addresses, according to TapTools, also sold all of the MELD tokens they had without ever having purchased any. Over one million ADA worth of tokens were sold overall.
Cardano may suffer significant setbacks as a result of this news, and its slim chances of surviving this bearish season may also be in jeopardy, but Meld has taken a proactive move by disputing the allegations. The addresses, according to Meld, are controlled by a private holder and not by firm employees, who have no control over how the holder chooses to use or spend his tokens.
Key Cardano Levels To Watch – January 13
At the $0.3300 price level, the price might resume its downtrend due to the selling pressure at the level. Before the beginning of the downtrend, the market was consolidating within two major levels: $0.5240 and $0.4620.
ADAUSD keeps declining within a bearish channel. According to the Relative Strength Index (RSI), the market is currently in an overbought region. A retracement or reversal is therefore looming.
Cardano Key Levels
Resistance Levels: $0.5240, $0.4260, $0.3300
Support Levels: $0.2390, $0.2040, $0.1740
Total Market Capitalization: $977.38B
Cardano Market Capitalization: $12.12B
Cardano Volume: $0.80B
Market Rank: #8
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