Cardano’s (ADA) price surged 18% in the last week, reaching $0.38 for the first time since August 2. This increase coincides with founder Charles Hoskinson’s announcement that the Chang hard fork has been delayed due to tier-1 exchanges like Binance needing more time to prepare.
Data reveals ADA holders are preparing to sell, potentially leading to a $0.80 million decline if the market absorbs all 200 million coins listed for sale. This could cause ADA’s price to drop back.
The Market Value to Realized Value (MVRV) ratio for ADA has risen from 0.32% to 10.36%, indicating potential profitability for holders. Historically, a high MVRV ratio leads to profit-taking, which could cause a price pullback.
However, analyst XForceGlobal suggests ADA may have reached its bottom and could target $3 in a future bull run. On the daily chart, ADA shows bullish momentum, trading above key Exponential Moving Averages and targeting a potential rise to $0.42, though caution is advised due to a lingering death cross.
