Summary
TLDR: Cardano’s price dropped by over 25% on the weekend but is showing signs of potential recovery. Whale investors are accumulating ADA, suggesting a price rise. The MVRV ratio indicates a good opportunity for accumulation. ADA could recover to $0.56, a 25% rise, but failing to breach $0.50 could lead to a fall to $0.40. Always do your own research before making financial decisions.
Key Points
1. Cardano’s price followed the broader market cues, declining by more than 25% on the daily chart over the weekend.
2. Whale investors holding between 1 million to 10 million ADA have purchased more than 30 million ADA worth $14.6 million in the last three days, indicating potential recovery and accumulation.
3. Cardano’s price could potentially continue its recovery to reclaim the support of $0.56, marking a 25% rise for the cryptocurrency.