Cardano (ADA) The crypto token is at risk of a steep price drop as several metrics on the blockchain paint a negative picture. A recent crypto analyst’s technical analysis confirms this. predicted An ADA of $0.4 is possible.
ADA Sees Decline In Trading Volume
Data Messari, an on-chain analysis platform, shows that there has been a decrease in ADA’s trading volume It has fallen from its peak. It has fallen steadily since its recent peak.
Furthermore, data IntoTheBlock provides three additional on-chain metrics that indicate a negative sentiment towards the crypto token. The first is the ‘Net Network Growth,’ which has experienced a 0.17% increase in the past week. The total number ADA addresses is measured by this metric. It means more users are leaving the ecosystem compared to new ones.
The second metric is the ‘In the Money,’ which has seen a 0.20% decline in the last seven days. This metric shows the percentage of ADA token holders who are in the black at current crypto-token prices. Large transactions have been made in the cryptocurrency market. Cardano network The number of transactions over $100,000 has dropped by 2,60. This refers to large transactions, which are those that exceed $100,000. ADA whales Crypto tokens are a good investment.
This bearish data on-chain further supports the analysis of crypto analyst Alan Santana, who said that ADA may drop anywhere between $0.4444 and $0.3450. Then, he said that ADA’s technical outlook was still bearish, and would last until ADA finds a significant support level.
The ADA derivatives market also shows a bearish outlook
Data Coinglass data shows the bears also have a firm grip on the ADA system. Over the past 24 hours, $632.720 from ADA has been wiped away. derivatives marketThe majority of liquidations were due to positions that had been held for a long time ($502,170).
Trading volume has declined by 11% on ADA’s Derivatives Market, indicating a decreasing interest in this market. ADA token among crypto investors. The cryptocurrency market is a growing one. Options trading volume The last 24 hour drop of 92% paints an even more worrying picture.
ADA was trading around $0.59 at the time this article was written, an increase of over 1% within the past 24 hours. data CoinMarketCap.
The ADA Price is $0.58| Source: ADAUSDT on Tradingview.com
Chart from Tradingview.com, Featured Image from The Independent
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