The crypto market has been bullish over the past few days but Cardano remains one of the most bearish coins in the top 20. The coin lost its place in the top 10 earlier this month and has been underperforming since then. Cardano (ADA) is trading below $0.240 on Wednesday, down by more than 2% in the last 24 hours. On-chain metrics point to a bearish outlook, as a surge in dormant wallet activity and a negative spike in the Network Realized Profit/Loss (NPL) indicator suggest early investors may be offloading tokens, increasing the likelihood of a deeper correction in the near term. ADA stays below $0.
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