Cardano (ADA) Holders Prepping to Cash Out After Chang Hard Fork Delay

Cardano (ADA) has experienced a recent surge in price, reaching $0.38 for the first time since August 2. However, a delay in the highly-anticipated Chang hard fork announcement by Cardano founder Charles Hoskinson may prompt ADA holders to sell off some of their holdings. This news has led to an examination of the order books on the top 20 exchanges, revealing that market participants are prepared to bid for approximately 172 million coins, while others are looking to sell over 200 million. If these sales are executed, ADA’s price may see a temporary decline. Additionally, the Market Value to Realized Value (MVRV) ratio for ADA has increased to 10.36%, signaling that holders would turn a profit if they sold at the current price. However, historically, when the MVRV ratio reaches certain levels, holders tend to realize profits, leading to a price pullback. Despite these indicators, some analysts believe that ADA may be close to its bottom and could potentially reach $3 in the next bull run. The current price of ADA is $0.39, and if the bullish trend continues, it could break the psychological resistance at $0.40 and target $0.42. However, traders should be aware of the lingering death cross, which could indicate a bearish trend. If buying momentum diminishes and bears regain control, ADA’s price could retrace to $0.37.