Cardano’s native token surged 15% on a monthly basis, climbing to nearly $0.21, its highest level since early June, before retracing to $0.187. Analyst Ali Martinez identified several bearish signals: the decline in whales holding between 1 and 10 million ADA, the formation of a death cross between the MVRC ratio and the 7-day simple moving average, and a sell signal on the TD Sequential indicator, suggesting a potential pullback toward $0.17 or even $0.144. Additionally, Grayscale withdrew its ETF application for Cardano, depriving bulls of an anticipated catalyst. Despite these headwinds, exchange outflows exceed inflows and the Relative Strength Index has dropped to 25, indicating extreme oversold territory.
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