CandleFocus Cardano Rallies 137% in 2 Weeks, But This Key Factor Limits Its Potential
2024-11-20
Author: Content Editor
Cardano (ADA) has experienced a strong rally in recent weeks, reaching an eight-month high with a price near $0.80. However, there are mixed signals indicating an uncertain future for the cryptocurrency. The MVRV Ratio for Cardano suggests that it is currently overvalued, which may lead to profit-taking and a decline in price. Despite this, Cardano's rally has been supported by strong investor interest and high transaction volumes from whales. The presence of whales provides stability, but their activity could also lead to a sharp downturn if they decide to sell. Cardano is currently trading below the critical resistance level of $0.81 and may stabilize below this level in the near term. On the downside, if selling activity intensifies, the price could retreat to $0.71 and potentially even $0.66.
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