- Cardano realized profits hit 9-month high of 307M ADA
- Price breaks below psychological $1.00 level
- MACD signals potential bearish crossover
Cardano’s market structure has experienced significant deterioration as panic selling pushes the cryptocurrency below crucial support levels. The 15% decline over 48 hours represents more than just a price drop – it signals a fundamental shift in how investors view Cardano’s near-term prospects.
Understanding Cardano Selling Pressure
The dramatic spike in Cardano’s realized profits tells a compelling story about current market psychology. With 307 million ADA (approximately $276 million) being sold within 24 hours, we’re witnessing the highest profit-taking activity in nine months.
This massive liquidation suggests that even long-term Cardano holders are choosing to secure gains rather than risk further downside.
The technical picture adds another layer of concern to Cardano’s market position, with the MACD indicator approaching a bearish crossover. This technical development, occurring less than a week after a bullish signal, highlights the rapidly shifting sentiment around Cardano.
The potential for continued downward pressure becomes particularly significant as the cryptocurrency tests the critical $0.85 support level.
Currently trading at $0.92, Cardano faces a crucial battle to prevent further decline. The loss of the psychologically important $1.00 level has created a challenging environment where reclaiming this threshold becomes essential for any sustained recovery.
Should Cardano stabilize at $0.85, it could provide the foundation needed for a potential rebound toward $1.23, though significant buying pressure would be needed to overcome current market skepticism.
