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 pressure, driven by fears of further losses, threatens Cardano's price stability. A recent surge in the 'age consumed' metric reveals that LTHs are actively liquidating their assets, marking the highest activity in nine months and indicating 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 priced at $0.61, Cardano has fallen 14.6% in the past week and is precariously positioned above the $0.60 support level. If selling persists, it risks dropping to $0.57, exacerbating losses and bearish sentiment. 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