Over the last month, the price of Cardano (ADA) has dropped noticeably, and key indicators suggest that this downward trend may persist for the coming weeks.
The decrease in value has caused the number of Cardano investors seeing a profit to plummet, as shown by on-site statistics. Specifically, data from IntoTheBlock’s “In the Money/Out of the Money” indicator indicates that approximately 2.56 million Cardano address holders are now in the red, accounting for more than half (57%) of all addresses.
Cardano’s Lackluster Price Performance
Currently, the value of Cardano has decreased by 34.40% over the last month. This decline was intensified by a recent drop in Bitcoin‘s price, causing it to decrease by 5% within the past day. Consequently, Cardano’s price dipped below $0.5 for the first time since February 8.
Cardano’s price has dropped significantly since its yearly high of $0.8009, set on March 14th. This underwhelming increase in value has caused Cardano to decrease by approximately 55%. In addition, this cryptocurrency is currently trading at around 83% below its all-time high. Unfortunately, Cardano’s performance among large market cap cryptos during the present market cycle has been among the poorest.
More recently, Market conditions have led to a drop in Cardano’s market cap standing as Toncoin (TON) experienced a remarkable rise. This surge, reaching up to 96%, caused TON to hit an all-time high of $7.63 during the week. Consequently, over half (57.38%) of Cardano investors are currently in the red, while only about one-third (35.66%) continue to enjoy profits.
Approximately half of the addresses, or 49.32%, that purchased Ethereum between the prices of $0.429462 and $0.582659 currently face losses according to IntoTheBlock’s “In/Out of the Money Around Price” indicator.
What’s Next For Cardano?
The price of Cardano is now at $0.5134. However, buyers are finding it difficult to keep the value above the $0.5 mark. Data from IntoTheBlock suggests that the bears could potentially take control imminently. There has been a 2.29% decrease in large bullish transactions within the last 24 hours. Additionally, the network growth, measured by new addresses joining the network, has decreased by 0.18% during the same time period.
Despite some skepticism among Cardano investors, there are those who remain hopeful about the cryptocurrency’s direction during this market trend. As per the analysis of a prominent crypto expert named Trend Rider, Cardano is still experiencing a bull market on the monthly chart.
The expert’s assessment hinges on a bullish RSI crossover that took place towards the end of 2023 for Cardano. Notably, this is a rare occurrence in Cardano’s price history, having happened only once before. If history repeats itself, we can expect Cardano’s price to reach new heights within the upcoming months.
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2024-04-14 00:41