Cardano ADA Price News Today - Elliott Wave Technical Analysis and Price Now! cardano news

In this video, we analyze the recent price trends of Cardano (ADA) and explore potential profit-taking signals that could lead to a bearish trend. With Cardano's 30-day MVRV ratio at 11%, many investors are in a profitable position. Historically, such high levels often precede selling pressure as investors look to secure their gains, which can lead to a price correction.
We'll discuss how whale addresses have been selling off large amounts of ADA, totaling over 120 million ADA valued at more than $52.6 million. This selling activity could impact Cardano's price, especially after a recent surge of 27% in just one week.
Will ADA test its support level at $0.42, or will it drop to $0.40? Can it reclaim and maintain higher support levels to challenge the bearish outlook?
Join us as we dive deep into Cardano's market dynamics and assess the potential implications for its price movement.
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