The price of Cardano has increased by 12% over the past 24 hours, instilling in ADA holders the hope of recovery after the June fall by 24%
We figure out what is happening on the Cardano (ADA) market and what to expect from the price of cryptocurrency.
Cardano holders do not sell
Data on the average age of coins (MCA) show that long -term holders again began to accumulate after a short period of sales. This is important for changing the negative trend of recent months. LTH control a significant part of the Cardano circulating offer, and their decision to hold coins can significantly affect the price.
This change of mood among long -term holders creates a more stable market environment for ADA. Their actions play a key role in support, since LTH stability usually stabilizes the price of Cardano.
The difference is MVRV Long/Short is now at a neutral mark. This suggests that neither long -term nor short -term holders are profitable. This is important, since short -term holders are not yet profitable, which usually keeps them from sales and falling prices.
When both groups of holders take a neutral position, the pressure on the sale decreases, which helps to stabilize the price. This creates favorable conditions for Cardano, since none of the groups strives for mass sales that could reduce the price.
ADA Forecast: Support is necessary
At the time of writing, the price of Cardano increased by 12% and is $ 0.60. However, this level is a key barrier that cryptocurrency has yet to be turned into support. Market moods and accumulation trends create a positive background for this breakthrough.
If Cardano manages to gain a foothold at $ 0.60, this will become the beginning of a more sustainable growth. In this case, the next goal will be the level of $ 0.66. With its successful overcoming cryptocurrency, 24% of losses suffered in early June will be able to play.
If Cardano cannot overcome the $ 0.60 mark and rolls out due to unexpected bear conditions, then consolidation in the range from $ 0.60 to $ 0.54 may begin. This will cancel the bull forecast.
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Source: Cryptocurrency
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