Cardano’s ADA: once the darling, now in rapid spiritual descent. Upward momentum in August was fleeting, now ADA is losing value-a very hard time is in store for long-term holders-to hold or fold? The smart money is surely voting with its feet, and this mass exodus is opening real questions about Cardano’s near-term future.
This growing selling pressure, fueled by fears of further losses, is putting Cardano’s price under threat.
Cardano Holders Move To Sell
The whales are stirring on the Cardano terrain-and the ancient coins get moving. The “age consumed” metric has just exploded to a 9-month high. This is not a mere figure appearing in a graph; it is a seismic tremor echoing the liquidation process of truly old (except one-year old-they don’t qualify as long-term holders) Cardano holders. What is driving them? The age consumed indicator is tracking old-ass coins that suddenly woke up from their dormancy; it could mean there is some sort of crisis of confidence within the Cardano ecosystem.
Suddenly this crucial metric shoots upwards: “Long-Term Holders are hitting the exits!” This isn’t just a blip; it can shake the very foundation of any asset. Picture the market as a big ship; a handful of these post-graduate sailors jumping off would be a big red flag. Their spree selling might just bring about a domino effect as the confidence gets shattered, particularly when the market is already underwater.
The waters for Cardano are becoming choppy. Long-term holders, who are usually the sardiner of stability, are willing to cash out. When these whales leave, the ripples turn into waves, further pushing Cardano away from any swift recoveries. They have started to sell, and these aren’t dips but headwinds, making it harder than ever to climb up.
Cardano Age Consumed. Source: Santiment
The uphill struggle for Cardano is the broader market signals with bearish pressure thrown into the mix for final seasoning; sluggish investors overwhelmed with apathy. A Chaikin Money Flow (CMF) buyer pressure index snubs the positive landscape and has remained stubbornly underwater below the zero line for days on end. Empty capital inflows act as an anchor weighing down ADA in price and killing chances of an uplift.
Invitees to farewell dinner of the Edelweiss were stopped by the vanishing equity of stocks from raising any real emotions, leaving the trash vulnerable to being cashed in by sellers. This erosion of faith is not confined to this one issue; the wash sells. With CMF stuck below zero, funds are draining and drawing a poison cloud over the Stock. Hopes for a quick reprieve are fading.
Cardano CMF. Source: TradingView
ADA Price Needs To Bounce Back
After falling by 14.6% last week, Cardano has taken a perch at $0.61, just above the $0.60 lying shadow. But those strong winds of market volatility threaten to dislodge ADA from its interminable perch. If the sellers continue their activity, prepare for that plunge. It is likely that the $0.60 support could give away at any time, dragging Cardano faster towards its next cushioning support of $0.57. Will it hold or will it give way to the irresistible force of gravity?
Cardano teeters at the edge of a knife. To breach this $0.60 line is to unleash much selling power. Dropping to or below $0.57 becomes an almost sure outcome flowing from mounting pressure to sell. Investors’ confidence shall surely plunge, converting nervousness into outright panic. Long-term believers shall be on the verge of wavering, and with those weakening, Cardano stands placed on the precipice of a precipitous and potentially wickedly devastating free fall.
Cardano Price Analysis. Source: TradingView
Cardano is maintaining its life support at $0.60. Now, a successful defense at this level could trigger a bullish resumption with an aim of reclaiming back $0.66. With a continuation in the diminishing selling pressure and increased buying faith, preparing for an ascend to $0.70 could possibly bury the bears already.
Thanks for reading How Far Will Cardano Price Fall Now That Long-Term Holders Are Selling?
