- Cardano has completed its upgrade The first of each month is a good day to start the new calendar.
- ADA’s response has been relatively muted as it remained under its moving averages.
Long-awaited Cardano [ADA] After some delays due to technical issues, the hard fork update has been rescheduled.
You can also find out more about this by clicking here. upgrade The network setup has been changed, marking an important milestone in the infrastructure of the blockchain.
Despite these advances, however, ADA’s situation remains difficult as crypto whales are beginning to release their assets.
Crypto whales dump ADA
Recently, the recent Chang The hard fork that was expected to increase the network’s performance has not led to ADA moving in a positive direction. There has instead been a noticeable trend where crypto whales are reducing the amount of ADA they hold.
Santiment data indicates that whale addresses have decreased in recent times, especially those who hold between 1,000,000 and 1 Billion ADA tokens.
The reduction in the number of addresses suggests that they sold a significant portion of their assets as the upgrade approached.
These whale addresses have collectively sold over $326 million in ADA worth, which represents around 15% of the total amount they own.
The large sell-off reflected a lack of confidence in ADA’s price prospects near term despite technical improvements brought about by the hard-fork.
These whales’ behavior is an important indicator of the market mood, since their behaviors often reflect wider concerns or expectations.
This decision is to get rid of a substantial amount of ADA either before or soon after the upgrade This could indicate that investors are uncertain of the benefits they will receive from the hard fork, or taking a conservative approach because of market conditions.
Cardano remains stuck in the bear trend
AMBCrypto’s Analysis of ADA On the daily chart, a noticeable shift was seen in the momentum prior to and after the recent network upgrade.
Initially ADA had a good buildup. It reached a high on the 24th August when it was able to successfully break through a critical resistance level.
The underlying problem is that the upgrade As the end of 2012 approached, ADA’s upward trend reversed and began to fall.
Price fell below the short-term average moving (yellow) line, which was previously a level of support but is now a resistance.
As I write this, ADA is trading around $0.32. This represents a drop of more than 2%. This latest decline has erased the modest gain of over 1% it had in its previous session.
Further analysis of ADA Relative Strength Index’s (RSI) indicated continued negative momentum. RSI is almost at the level of 40 as this was being written.
The RSI can indicate a condition of oversold if it falls below 40. This level can be associated with an increase in selling pressure or further drops.
Only a few addresses will be active
Cardano has seen a dramatic decline in activity during the last week, according to a recent analysis.
The number of addresses that were active increased to over 35,000 on the 27th August. It is possible that the spike was due to increased excitement leading up towards the launch of the network. upgrade.
This activity quickly decreased over the next few days.
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The number of active daily addresses is now around 19,700. The sharp drop in the number of active addresses reflects a significant reduction in participation in networks.
You can also find out more about the following:It has been confirmed that Cardano crypto whales, and other Cardano holders are less active in this time period.
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Source: ambcrypto.com