Deep Dive Into Cardano’s Recent Price Decline 📉
Cardano (ADA) has faced a significant price decline over the past month, with important metrics pointing towards continued downward movement in the near future.
Cardano Holders Bear the Brunt of Recent Price Drop 📉
The recent decline in Cardano’s price has led to a substantial decrease in the number of holders in profit, as highlighted by on-chain data. Specifically, IntoTheBlock’s “In/Out of the Money” metric has revealed that the number of Cardano holders in losses has surged to 2.56 million addresses, representing over 57% of the total addresses.
Cardano’s Lackluster Price Performance 📉
Currently, Cardano has experienced a 34.40% price drop in the past month. This decline was further exacerbated by a recent selloff in Bitcoin, causing the primary digital asset to plummet by 5% within 24 hours. Consequently, Cardano’s price fell below $0.5 for the first time since February 8.
- The lackluster performance from the bulls has resulted in a 55% drop for Cardano from its yearly high of $0.8009, set on March 14.
- Cardano is currently trading 83% down from its all-time high, showcasing one of the worst performances among major cryptocurrencies in the current market cycle.
Market Dynamics Displace Cardano in Rankings 📉
Recent market movements have pushed Cardano down in market cap rankings, with Toncoin (TON) displacing it after a remarkable 96% surge in a week, reaching a new all-time high of $7.63. This shift has resulted in a higher percentage of Cardano holders falling into losses, with 57.38% of addresses currently in the red compared to 35.66% in profit.
Majority of Addresses at a Loss 📉
According to IntoTheBlock’s “In/Out of the Money Around Price” metric, the majority of Cardano addresses (49.32%) that purchased within the current price range of $0.429462 and $0.582659 are currently at a loss.
What’s Next For Cardano? 📉
Cardano is currently trading at $0.5134, and bulls are struggling to maintain levels above $0.5. On-chain indicators from IntoTheBlock suggest that bears may gain control shortly, as bullish large transactions have decreased by 2.29% in the past 24 hours, with net network growth dropping by 0.18% in the same period.
Optimism Amidst the Decline 📉
Despite the current market conditions, some Cardano supporters remain optimistic about the cryptocurrency’s trajectory. Crypto analyst Trend Rider believes that Cardano is still in a clear bull market phase on the monthly timeframe. Based on a bullish RSI cross in late 2023, Trend Rider predicts potential price surges for Cardano in the coming months.
Hot Take: Navigating Cardano’s Downtrend 📉
As an investor, it’s crucial to monitor Cardano’s price performance amidst the current downtrend. Keep a close eye on market indicators and expert analyses to make informed decisions about your ADA holdings. While the short-term outlook may seem challenging, long-term prospects for Cardano’s price recovery remain hopeful.
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