Bitcoin (BTC) price continues its upward trend and there is a positive outlook for altcoins as well. The dominant cryptocurrency surged as high as $60,400, exciting investors. The range between $60,200 and $60,400 stands out as a critical level. In this region, if investors trading at the bottom levels do not start selling quickly, a return to $ 70,000 may be possible. With the influence of recent political developments, various metrics supporting the price increase have been giving bottom signals for days.
Although the price of ADA Coin has increased rapidly recently, it is observed that investors tend to cash out small gains. This situation caused ADA Coin to be stuck in a narrow range for a long time. However, MVRV data presents a different signal.
The Market Value/Realized Value (MVRV) ratio is at 11% for ADA Coin. This shows that many investors are in an attractive position to make a profit at current prices. If investors cash out their gains, this could signal the beginning of a new selling wave.
According to historical data, price correction is usually seen when the MVRV ratio is between 10% and 20%. These levels are considered the "danger zone" and carry signals of overheating and decline. Additionally, at negative values, MVRV is likely to signal historical bottoms; In this case, the direction of the price is not precisely determined.
ADA Coin Review$ADA
It is noteworthy that addresses holding 1 million to 10 million ADA have recently made sales of 52.6 million dollars. These sell-offs could be another sign of the selling pressure mentioned earlier. On the other hand, with the BTC price closing above $60,200, it is possible for MVRV to rise up to 20% and pave the way for higher levels.
At the time of writing, the main resistance point appears to be $0.44. The price should not fall below $0.42 and should overcome this resistance and move to higher levels. Otherwise, closes at $0.40 and below could lead to the end of the recent rally.
A bounce from $0.42 and targets of $0.45 and $0.46 seem likely. As of the moment of writing, Bitcoin is trading above $60,000.
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