$ADA Cardano (ADA) has lost all recent gains. This trend has alarmed ADA holders, especially long-term investors who now prefer to sell their assets.
On-chain analysis of Cardano: holders are starting to sell.
The 'consumption age' indicator recorded the largest increase in activity in nine months: investors who had long refrained from selling their coins began to do so. Such behavior from long-term holders usually signals a significant change in market sentiment.
Mass selling by experienced investors creates additional pressure on the market. Their decisions traditionally have a strong impact on price dynamics, and the current situation may complicate Cardano's recovery in the near term.
The Chaikin Money Flow (CMF) indicator remains in the negative zone, indicating the dominance of sellers in the market.
The lack of fresh capital hinders Cardano (ADA) from stabilizing and recovering, while the ongoing outflow of funds reduces the likelihood of a quick trend reversal.
Technical analysis of Cardano: key support at $0.60.
Cardano (ADA) is trading at $0.61, trying to hold above the critical support level of $0.60 after a weekly drop of 14.6%.
Selling pressure persists, creating risks of breaking this level and dropping to the next target at $0.57.
In the absence of support from long-term investors, the price remains vulnerable to further declines in the coming days.
A successful defense of the $0.60 level could strengthen bullish momentum and open the way to $0.66.
With a decrease in selling pressure and a return of investor confidence, a rise to $0.70 is possible, which would nullify the current bearish scenario.
