Cardano (ADA) Price Set to Lose Part of Its 27% Gains
📉
Cardano's (ADA) price has surged 27% recently due to broad market bullish cues. However, whales and investors looking to lock in profits may cause a price correction, as indicated by the 30-day MVRV ratio of 11%. Historically, ADA tends to correct when the MVRV ratio hits the 10%-20% 'danger zone.' Over the past month, whale addresses have sold over 120 million ADA (~$52.6M), further adding to the potential selling pressure. ADA is trading at $0.44 and might test the support at $0.42, with possible decline to $0.40, losing half of its recent gains.
Source: beincrypto.com ↗
