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Cardano (ADA) has recently enjoyed a 27% price increase, reaching a monthly high. However, this bullish momentum is threatened by increased selling pressure from investors looking to secure profits. The Market Value to Realized Value (MVRV) ratio, currently at 11%, suggests that many investors are in a profitable position, which often leads to selling pressure and potential price corrections. Whale investors have already sold over 120 million ADA in the past month, contributing to the likelihood of a price decline. ADA may test support levels at $0.42 and could drop to $0.40 if selling continues.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
