- The project struggled to gain new addresses while the balance of existing addresses has decreased.
- ADA’s price could drop as low as $0.54.
Cardano’s [ADA] It is possible that the position as 9th-most valuable cryptocurrency may be threatened. AMBCrypto’s price-action agreement could have been a factor for many. There was much more involved than just the token’s value.
The following is a list of data from IntoTheBlockOnly 6% of ADA holders have appeared over the past 30 days. Only 27% of total holders purchased the token in the last 12 months, while 67% are long-term loyalists.
Hoskinson Land is awash with doubt
This situation suggests that Cardano’s native token is not impressive enough to draw in new investors. Price was one of them, and as we mentioned before.
ADA’s price dropped by 17.84% over the past thirty days. The cryptocurrency’s price continued to fall, falling by 5.34% over the past 24 hours.
We found, however, that ADA challenges are not the same as those of ADA. traction Or adoption alone. It was difficult for the token to prevent some holders of existing tokens from leaving the network.
On-chain analysis using Santiment data showed The balance of those with between 10 and 10,000 ADA tokens has been declining. The balances of all addresses were analyzed further and it was found that even whales weren’t left behind.
As of the time this article was published, some tokens had been liquidated by those holding 1,000,000 to 1 Billion tokens. This is a sign of decreasing confidence in the short- to longterm potential for the token.
ADA aims for more economic downturn
The number of holders was another metric which reinforced the negative outlook. The total number of ADA owners was 4,49 million on the 11th February.
This figure is now 4.46 millions, which means that a total of 30,000 former holders have been displaced. left Cardano. The project might be worried by this vote of non-confidence.
A rise in price may change this. AMBCrypto analyzed how ADA would perform on a short-term basis.
The ADA/USD 4 hour chart revealed that the recent crashes forced a break of the support at $0.59. On the 26th March, an overhead resistance of $0.68 was formed.
The Moving Average Convergence Divergence showed a bearish momentum. Cardano’s price may fall as low as $0.05 if Bollinger Bands show increased volatility.
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The BB also revealed that a rebound for ADA may see it extend its price to $0.65. The token would need to be under a great deal of pressure in order for that price to rise. lacked.
The bearish hypothesis for ADA may not lead to a yearly minimum. The price of ADA fell to $0.49 in January. Although further corrections could occur, it is possible that the token will not fall in the region.
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Source: ambcrypto.com