The post Cardano (ADA) Faces Selling Pressure Amid Profit-Taking, Potentially Testing Support at $0.90 or Dropping to $0.77 appeared on BitcoinEthereumNews.com.

The recent decline of Cardano (ADA) by 17% over the past week highlights significant shifts in market sentiment as profit-taking and whale sell-offs dominate. This fall is compounded by a staggering 139% reduction in large holders’ netflow, signaling decreased accumulation and wavering confidence from the asset’s key investors. According to market data, the declining Market Value to Realized Value (MVRV) ratio indicates an increasing likelihood of ADA testing crucial support levels, particularly the potential drop to $0.77. Cardano (ADA) has seen a 17% price decline driven by significant profit-taking and sell-offs among large holders, signaling bearish market sentiment. Market Dynamics: Understanding Cardano’s Recent Price Drop Layer-1 coin Cardano (ADA) has faced notable challenges in the crypto market, particularly over the past week, where it has experienced a decline of 17%. This downturn comes after a period of price consolidation, indicating a shift in market dynamics. The primary catalysts for this recent sell-off include increased profit-taking among existing holders alongside notable selling activity from large investors, commonly referred to as whales. The recent trading patterns reflect a cautious approach from the investor community, particularly among large holders. Data from IntoTheBlock reveals that Cardano’s netflow among these major players has plunged by 139%, indicating that these whales are moving their holdings off exchanges, which often signals a bearish outlook. The sell-off among large holders—including those owning over 0.1% of ADA’s supply—points to a broader lack of confidence in the altcoin’s future price trajectory. This sentiment is echoed by the decline in the Market Value to Realized Value (MVRV) ratio. As of December 11, data from Santiment indicates that this ratio has fallen to 72.35%, down from a peak of 113% just a week prior, further illustrating the weakening optimism surrounding ADA. Technical Analysis: Navigating Support and Resistance Levels From a technical analysis…

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Filed under: News - @ December 11, 2024 7:21 am