CARDANO (ADA) MAY FALL BELOW $1 UNDER SELLING PRESSURE
Recently, Cardano has not been doing well. Due to increased selling pressure, the altcoin may lose important support and fall below the psychologically significant level of $1.
Cardano's forecast for 2024 - expert opinions.
Recently, the activity of large holders (those who own from 0.1% to 1% of the circulating supply) of Cardano has noticeably decreased. The activity of such addresses has dropped by 142% over the past seven days. This indicates that whales are selling more tokens than they are buying.
During this period, ADA faced strong selling pressure. In such conditions, it will be difficult for the cryptocurrency to start a rally. Most likely, the price will continue to decline.
Meanwhile, the number of token holders has decreased to 4.40 million. Back in November, there were about 4.47 million. This trend indicates that market demand for Cardano is decreasing. The decline may be a consequence of many ADA holders choosing to take profits after the cryptocurrency's rise in November.
