One of the most popular altcoins Cardano has been rather unfazed by the recent price corrections, where we saw Bitcoin drop to around $54,000.
Despite this stability, Cardano reached $0.77 in March and experienced a significant decline to its current price of $0.40.
Despite this downturn, on-chain data indicates that ADA holders are showing less inclination to sell.
Recent data shows a rise in Cardano’s Mean Coin Age and Mean Dollar Invested Age since late May. Currently, the Mean Coin Age is 510 days and the Mean Dollar Invested Age is 585 days—both at their highest points this year. These metrics reflect that investors are holding their ADA tokens for longer periods, suggesting a reduced selling pressure.
Additionally, the inflow of large holders—addresses holding over 0.1% of ADA’s supply—has surged by over 20,000% in the past three months, indicating increased buying from significant investors.
While these indicators suggest long-term confidence in ADA, the short-term outlook remains bearish. The Moving Average Convergence/Divergence (MACD) indicator shows a bearish trend, with the MACD line currently below the signal line. This configuration often points to weaker short-term performance.
If the downward trend continues, ADA could potentially fall to $0.31, reaching a low not seen since October 31, 2023.
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