Cardano (ADA) recently reached a two-year high of $0.81, but has since experienced a slight decline and currently trades at $0.75. Analysis suggests that this downturn may continue, potentially preventing ADA from reaching $1. Recent data shows increased inflows to exchanges, indicating profit-taking activity and increased selling pressure. The decline in ADA's trading volume further confirms this bearish outlook. Transactions involving ADA have been highly profitable, which may lead to more selling and downward pressure on the price. If buying pressure continues to wane, ADA could retreat further to $0.69 or even $0.61. However, a shift in market sentiment and renewed demand could see ADA's price reclaim its high and rally beyond it.



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