Cardano's price has been consolidating since early August, with bullish momentum unable to sustain a breakout. Investors are questioning future price movements as ADA nears key support levels.
The MVRV Long/Short difference shows short-term holders, currently in profit, could increase selling pressure. This could hinder ADA's price stability and potential upward movements.
Technical indicators like the MACD point to an end of the bullish phase, introducing a bearish crossover, which may result in a continued downtrend for Cardano.
Cardano's price has recently dropped by 10%, hovering below $0.33, a crucial support level. The inability to surpass this level may lead to further consolidation.
For a robust uptrend, Cardano must break above $0.37, which serves as a key resistance level within ADA's consolidation range.
