As a researcher with a background in cryptocurrencies and blockchain technology, I have closely monitored the recent market developments affecting Cardano (ADA). The sell-off in the broader market has led to a correction of over 11% for ADA’s native cryptocurrency on a weekly basis. Currently, ADA is trading at $0.4536 with a market cap of $16.16 billion.
In the midst of a wider market downturn, the cryptocurrency representing the Cardano blockchain, ADA, has experienced significant selling pressure and dropped by approximately 11% in value over the past week. Currently, ADA is priced at $0.4536, which represents a 0.36% decrease from its previous price, and it holds a market capitalization of $16.16 billion.
Cardano Whale Transactions Explode
As a crypto investor, I’ve been keeping a close eye on the Cardano (ADA) market lately. And according to my analysis using data from Santiment, a reputable on-chain provider, there’s been a notable increase in large transactions involving ADA tokens. In fact, these transactions, worth over $100,000 each, have reached their peak since November 8th.
As a crypto investor, I’ve noticed an increase in significant Cardano transactions, which historically has signaled potential price reversals in ADA‘s market trend. The value of ADA’s market capitalization has seen a steep drop of 43% since March 13th. This downturn suggests that the cryptocurrency is undergoing considerable volatility and readjustments within the market.
ADA Price Action Ahead
As an analyst, I’d rephrase it as follows: Last week, I observed a significant drop in Cardano (ADA) price, which breached its major support level at $0.50 and plunged down to the critical support zone of $0.45. Should this price trend continue and ADA experiences a decisive decline below its current level, it could potentially trigger more bearish sentiment among investors. In such a scenario, the next significant support for Cardano is anticipated at around $0.4280.
In contrast, the price level at which ADA puts up an initial fight back is at $0.4920, with the next significant barrier being $0.500. Should ADA manage to overcome this hurdle, it could trigger a surge toward $0.5250, and in a bullish market scenario, reach as high as $0.5650.
In spite of the overall downward trend in the cryptocurrency market, ADA has also suffered a setback, witnessing a decrease in its market capitalization worth -23.69% since the beginning of the year. While some other coins are showing signs of recovery, data from Santiment suggests that there has been a slight reduction in the number of active ADA wallets over the past quarter. This discrepancy could potentially mean that ADA is undervalued or that investor and user interest in the coin is waning.
According to data from Santiment, there has been a slight decline of approximately 0.13% in the total count of active Cardano (ADA) wallets over the past three months. This trend sets ADA apart as one of the rare networks experiencing a decrease in wallet activity during this period.
As an analyst, I’ve observed a significant increase in the number of non-empty Bitcoin wallets in recent times, despite the volatile prices. Conversely, Altcoin wallets for assets such as Dogecoin have leveled off after experiencing substantial growth earlier this year. Notably, Cardano is among the exceptions, with a decrease in active wallet numbers on its network.
— Santiment (@santimentfeed) April 27, 2024
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2024-04-30 09:36