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Cardano (ADA) price clears resistance for a month... price forecast now

Cardano (ADA) price breaking the one-month resistance line could support the rally to $0.5 and beyond.

Investors support this outcome, as evidenced by their higher convictions and potential accumulation.

Cardano Investors See Opportunity

Cardano's price has been affected by the behavior of its investors, which could be ADA's saving grace. Supply has seen a notable shift from short-term investors to medium-term investors. The former tend to keep their supplies for less than a month while the latter tend to keep them for up to a year.

In three weeks, the supply of short-term traders increased from 21.64% to 14.23%. This drop to less than 15% demonstrates the growing investor conviction which motivates holders ADA On HODL instead of selling.

At the same time, medium-term holders now hold 50.63% of all ADA. This is crucial because short-term investors are more likely to sell, and moving from them to medium-term holders is a sign of confidence.

Cardano supply distribution.
Cardano supply distribution. source:hasThe block

This increase is likely to increase in the future, as evidenced by the market value/realized value ratio (MVRV). The MVRV ratio evaluates an investor's profit or loss.

Cardano’s 30-day MVRV is at -8.4%, indicating losses that could lead to accumulation. Historically, ADA corrections occur in the MVRV range of -8% to -18%, making this an area of ​​opportunity.

Cardano MVRV report. Source: Feeling

So, if investors choose to add ADA to their portfolios, the altcoin could see significant growth.

ADA Price Prediction: Breakout is Key

Cardano price, trading at $0.46 at the time of writing, is poised to close above the resistance at $0.46. Its return to support is key, allowing ADA to climb to $0.50. The altcoin only broke twice but never rose above the one-month resistance at $0.51.

With the help of the above signals, Cardano price can break out of this resistance to head towards $0.55 and beyond.

Read more: Cardano (ADA) Price Forecast for 2024, 2025, 2026, 2027

Cardano price analysis. Source: Commercial view

On the other hand, another failed violation could take ADA back below $0.46. This would represent a decline to $0.42, which would invalidate the bullish thesis, sending ADA to $0.40.

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