Increased selling pressure: Cardano (ADA) bears as dormant wallets awaken.

Cardano (ADA) continues to widen its bearish momentum, falling below the 0.82 USD mark during trading on Tuesday, after losing the support level from the uptrend line. This development raises concerns about a deeper correction. Notably, the sudden activity from long-dormant wallets has further fueled pessimistic sentiment in the market. At the same time, technical signals also lean towards a bearish scenario, as the bears aim to retest the 0.76 USD zone.

The "sleeping wallet" begins to move

The Age Consumed index from Santiment is sending out bearish signals. Each time this index surges, it indicates that "hibernating" tokens – which have been held in wallets for a long time – are starting to be moved. This is often a sign of identifying local peaks or troughs in the short term.

With Cardano, historical data shows that the price of ADA often weakens after each surge of Age Consumed, as investors move tokens from personal wallets to exchanges, increasing selling pressure. The recent surge on Monday further reinforces the possibility that ADA is entering a new bearish trend.

Cardano's Age Consumed Index | Source: SantimentNot stopping there, data from CryptoQuant also shows increasingly clear selling pressure. The Taker CVD (Cumulative Volume Delta) of ADA has turned negative since mid-August and has been continuously declining. This indicator measures the cumulative difference between buying and selling volume over three months. When the 90-day CVD remains positive and rises, the market reflects a period of bullish dominance (Taker Buy Dominant Phase). Conversely, negative values accompanied by a downtrend indicate that bears are in control (Taker Sell Dominant Phase).

ADA Spot Taker CVD Chart | Source: CryptoQuant## Cardano Price Forecast: Bears Targeting 0.76 USD

The price of Cardano has lost its upward trend – which was formed at the beginning of July – when it plummeted 6.1% in the first session of the week and closed below the short-term support level at 0.84 USD. By Tuesday, the downward adjustment had not yet stopped, with ADA continuing to trade around the mark of 0.81 USD.

If selling pressure increases, this coin may extend its pullback to the zone of 0.76 USD, corresponding to the 50% Fibonacci retracement level from the June low at 0.51 USD to the August high at 1.02 USD.

Daily ADA/USDT Chart | Source: TradingViewTechnical signals are also supporting the bears: the daily RSI index has fallen to 40 - below the neutral level of 50 - reflecting bearish momentum, while the MACD just recorded a bearish crossover on Monday, signaling a sell and reinforcing the downward trend in the short term.

However, if buying pressure re-emerges, ADA may bounce back to test the resistance zone during the day at 0.84 USD.

SN_Nour