🔥🔥🔥 #cardano ($ADA ) Holding Time Drops 48%, Triggering 11% Price Decline

Cardano (ADA) Price Analysis: Current Price at $1.08

- Cardano (ADA) is trading at $1.08, reflecting mixed market sentiment as declining holding times and reduced whale activity weigh on its outlook.

Factors Influencing ADA’s Price

1. Shortened Holding Time:

- On-chain data reveals a 48% drop in ADA’s average holding time over the past week. This suggests increased selling pressure, as investors offload ADA more quickly, signaling cautious sentiment or waning confidence.

2. Reduced Whale Accumulation:

- Large holders, managing over 0.1% of ADA’s circulating supply, decreased their netflow by 134% recently. This indicates whales are cutting back on accumulation, contributing to bearish pressure at the $1.08 price level.

#BEARISH📉 Signals Persist

- The Balance of Power (BoP) indicator stands at -0.34, reflecting dominant selling pressure. If bearish sentiment intensifies, ADA could face challenges maintaining the $1.08 level and may drop toward $1.00 or lower.

Price Outlook

- If buyers regain control, ADA has the potential to break through its $1.07 resistance more firmly and target its previous highs near $1.32. For a sustained recovery, stronger whale activity and increased holding times will be essential to support upward momentum.

#CryptoTrends2024 #BinanceSquareAnalysis #CardanoPredictions