"Cardano's ADA Plunges 10% Amidst ETF Uncertainty"

Cardano's price has dropped by 10% in recent days, leaving long-term holders underwater as the broader crypto market experiences a sell-off. The decline in Cardano's price follows a broader trend, with investors witnessing consolidation following bearish momentum. This has raised concerns about the future movement of ADA, with experts assessing whether the cryptocurrency will stabilize or extend its losses amid ongoing volatility and speculation surrounding an ADA ETF.

The Market Value to Realized Value (MVRV) ratio for 365 days has dropped to -4.71%, indicating that long-term holders are now at a loss. A negative MVRV value signals a potential accumulation zone, as investors may see an opportunity to enter at lower prices. However, if selling pressure continues, ADA could see further declines. The declining MVRV suggests capitulation among holders who purchased ADA at higher prices, aligning with the recent drop in ADA's market price. The metric's movement reflects broader market sentiment, with negative values often signaling a bottoming phase.

The US Securities and Exchange Commission (SEC) has acknowledged a proposal from NYSE Arca on behalf of Grayscale for a spot in Cardano ETF. A decision on the approval or rejection of the ETF is expected in the coming months. The acknowledgment follows a surge in crypto ETF applications under the SEC's new leadership. According to polymarket data, there is an estimation of a 68% chance of approval in 2025. However, the recent price dip in Cardano suggests that market volatility continues to drive uncertainty.

The ADA price continues to decline, trading at $0.6589, a 10% drop in the past 24 hours. The top altcoin struggles to hold above key support levels as selling pressure increases, with the broader crypto market also experiencing a strong crash. The daily chart shows resistance at $0.8, while ADA nears crucial support between $0.60 and $0.5. Market data shows that the Relative Strength Index stands at 23 while in an oversold condition. The Moving Average Convergence Divergence indicator maintains a bearish position because its signal line interacts with the MACD line from below.

A break below $0.65 could lead to further losses toward $0.60 and $0.5. However, if the Cardano price prediction bounces