Summary
TLDR: Cardano’s price rose by 13% but is now slipping below support at $0.72, leading to potential sell-offs by investors. If ADA fails to maintain support, it could drop to $0.68 and then $0.62. However, a bullish pattern formation suggests a potential rally to $0.76 and $0.80 if validated.
Key Points
1. Cardano’s price rose by more than 13% in the past week, trading at $0.72 at the time of writing, but is now slipping below the local support of $0.72.
2. The 30-day MVRV for Cardano sits at 10.8%, indicating that investors who purchased ADA in the past month are sitting at a 10.8% profit, potentially triggering a sell-off.
3. If ADA fails to hold the support level at $0.68, it could decline to the next critical support level of $0.62, marking a 15% decline.