Cardano

<ul><li>ADA price sustains above $0.50 amid profit-taking with rising whale transactions, signaling a potential downturn.</li><li>Cardano&#39;s recent rally meets caution as Santiment data reveals increased profit-booking by large holders.</li><li>With key support levels for ADA at $0.5063 and EMAs, market watches for correction signs after a 74% monthly surge.</li></ul><a href="https://cryptotale.org/?s&#61;Cardano" rel="noopener noreferrer nofollow">Cardano</a> (ADA), an established competitor to Ethereum, has recently experienced a notable surge in its market value. However, recent on-chain metrics from <a href="https://twitter.com/santimentfeed" rel="noopener noreferrer nofollow">Santiment</a>, a leading crypto intelligence tracker, <a href="https://www.binance.com/en/feed/post/1317784065946" rel="noopener noreferrer nofollow">suggest</a> caution among ADA investors. Despite a strong performance in the past month, there are indications that the currency might face a downturn due to increased profit-taking activities among holders.The data reveals a significant increase in profit-taking since December 4, coinciding with heightened activity in large wallet transactions. Notably, transactions from whale wallets, defined as those over $100,000, have seen a marked increase in both count and concentration during this period. This trend is evident in the Network Realized Profit/Loss metric, which spiked in December, indicating that large ADA holders are cashing in on the recent rally.As of the current analysis, Cardano&#39;s price has sustained above the critical support level of $0.50. However, analysts anticipate that ADA might resume a downward trend upon reaching the resistance level of $0.6874. The $0.5063 mark could be a crucial support level in such a scenario. Furthermore, three long-term Exponential Moving Averages (EMAs) - 10-day, 50-day, and 200-day - at $0.4566, $0.3893, and $0.4437, respectively, are also expected to offer support.Read full article at <a href="https://cryptotale.org/cardano-ada-faces-potential-correction-amid-profit-taking-surge/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Cardano (ADA) Faces Potential Correction Amid Profit-Taking Surge

CryptoTale

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