Cardano (ADA) has seen a notable drop, erasing earlier gains this month, which has alarmed long-term holders (LTHs) who are now choosing to sell. This increase in selling activity, driven by fears of further losses, threatens Cardano's price stability. A recent surge in the 'age consumed' metric, the highest in nine months, indicates that LTHs are liquidating their assets, reflecting waning investor confidence. This metric tracks coins that have remained untouched for a long time, and its rise suggests a shift in market sentiment, often leading to further declines in a bearish environment. Currently, Cardano is priced at $0.61, having fallen 14.6% in the past week, and is precariously positioned above the $0.60 support level. If selling persists, it risks dropping below this threshold towards $0.57, exacerbating losses. Conversely, if it can maintain the $0.60 support, a rebound could target $0.66, potentially restoring some investor confidence. Read more AI-generated news on: https://app.chaingpt.org/news