CandleFocus Cardano (ADA) May Remain Below $1 Amid Whale Selloff and Profit-Taking
2024-12-11
Author: Content Editor
Cardano (ADA) has seen a decline in price over the past week, dropping by 17%. This is attributed to sell-offs by large investors and profit-taking by many holders. The decline in Cardano's large holders' netflow suggests that whales are selling their holdings and losing confidence in the asset's future price. There has also been an increase in profit-taking by majority coin holders, reflecting a broad loss of confidence. The Market Value to Realized Value (MVRV) ratio has shown a consistent decline, indicating that holders are reducing unrealized gains and selling pressure is increasing. From a technical perspective, ADA's next major support lies at $0.90, and if it fails to hold, the price could plummet to $0.77. However, if buying activity increases, the price may rebound to $1.06 and potentially reach $1.32.
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