Cardano (ADA) Faces Key Support Test Amid Profit-Taking Wave
- Cardano (ADA) is trading at $0.876 with a daily volume of $1.28 billion.
- The Network Realized Profit/Loss (NPL) metric has spiked to its highest level since July, indicating significant profit-taking.
- ADA’s price is struggling below the crucial resistance of the 50-EMA at $0.8819, with sellers in control as the RSI sits at a bearish level of 44.
- Openbank, Europe’s largest digital bank under Santander, has integrated Cardano for its two million customers, boosting institutional adoption potential.
- On-chain data reveals a net outflow of $6.7 million from exchanges on September 17, reflecting investor caution.
Cardano’s recent price action shows a sharp decline of about seven percent over two days as investors take profits amid high NPL levels. The integration by Openbank could provide long-term bullish support despite current market hesitance.
Maintaining the support range between $0.87 and $0.85 is crucial for ADA to sustain its broader bullish outlook, while any break below this range could lead to further declines toward deeper support zones at $0.82 and $0.78.Source
