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Cardano’s price recovery has caught everyone’s attention but may halt before reaching $0.38. This is due to profit increase data among ADA investors, which seems to encourage selling. Cardano’s price recovery brought profit to the network, eagerly awaited by investors since the July crash brought the price to a nine-month low.
What’s Happening on the Cardano Front?
Along with this process, ADA saw an 8% increase in the last 24 hours. An additional 12% of ADA supply became profitable in just three days. This sudden shift to profitability could lead to a wave of selling as investors try to secure their gains.
Therefore, as more ADA holders find themselves in a profitable position, the temptation to sell may increase. This could potentially put downward pressure on Cardano’s price, disrupt the recent upward trend, and bring volatility to the market. The average holding period for traded ADA assets has already risen to five months. This longer holding period indicates that even medium-term holders are now selling.
When old tokens move, they affect price action. This is because these holders are known for their resilience, and their actions signal decreasing confidence. As a result, Cardano’s price may lose the gains it has made in recent days.
ADA Chart Analysis
Cardano’s price is stalling below the $0.37 resistance, trying to turn it into a support base. In the past, a rebound from this level led to gains for investors, and the same could happen again. However, considering the factors mentioned above, Cardano may not overcome this resistance. As a result, the altcoin may drop to $0.34 and enter consolidation.
On the other hand, a successful breach could take ADA to the $0.40 level. If this resistance is surpassed, Cardano will test the $0.42 level as resistance, invalidating the bearish thesis. If the memecoin trend recently started on the Tron network comes to the Cardano ecosystem, ADA’s price could respond positively.
