ADA On-chain Metrics Signal Bearish Sentiment
Recent data from the on-chain analytics platform Messari reveals a concerning trend in ADA’s trading volume. The crypto token’s trading volume peaked at $1.53 billion on March 14 but has steadily declined since then, reaching $445.83 million on April 10. This decline indicates weakening interest and activity surrounding ADA in the market.
- Net Network Growth shows a 0.17% increase in the past week, suggesting a reduction in ADA addresses.
- ‘In the Money’ metric has decreased by 0.20% in the last seven days, indicating fewer ADA holders in profit.
Large Transactions Decline on Cardano Network
Another critical metric is the significant drop in large transactions on the Cardano network, down by 2.60%. These transactions, valued at over $100,000, reflect a reduced engagement from ADA whales in the market. These bearish signals align with analyst predictions of a further price decline for ADA.
ADA’s Derivatives Market Reflect Bearish Sentiment
Data from Coinglass highlights a bearish outlook in ADA’s derivatives market, with a substantial amount of $632,720 liquidated in the past 24 hours. Long positions accounted for the majority of these liquidations, pointing towards a more pessimistic sentiment among traders.
- ADA’s derivatives trading volume has decreased by over 11%, indicating waning interest from investors.
- Options trading volume has plummeted by 92% in the last 24 hours, painting a bleak picture for ADA’s future price movements.
Current Trading Status of ADA
As of the latest data from CoinMarketCap, ADA is currently trading at around $0.59, showing a marginal increase of over 1% in the last 24 hours. Despite this slight uptick, the overall trend in on-chain metrics and derivatives market signals a bearish sentiment for ADA’s price trajectory.
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