Cardano (ADA) is on a significant drop in prices over the last 30 days with important statistics pointing to continued decline in the coming days.
This decline saw the number of Cardano holders making profits drop massively, as evidenced by on-chain data. Notably, IntoTheBlock’s “In/Out of the Money” revealed that the number of losing Cardano holders has now climbed to 2.56 million addresses, representing over 57% of total addresses.
Poor price performance of Cardano
At the time of writing, Cardano has seen its price drop by 34.40% over the past 30 days. This fall was further exacerbated by a recent Bitcoin sale which saw the leading digital asset drop 5% in the last 24 hours. As a result, Cardano saw its price fall below $0.5 for the first time since February 8.
Lackluster bull action saw Cardano fall 55% from its yearly high of $0.8009 set on March 14. In the spirit of a lackluster price surge, Cardano is trading down 83% from its all-time high, with the crypto having one. among the worst performances among large market caps in the current market cycle.
In fact, recent market dynamics have seen Cardano fall in the market cap rankings after being moved by Toncoin (TON), which recorded an increase of up to 96% during the week to reach a new absolute record of $7.63. This performance saw a higher percentage of Cardano holders suffer losses. At the time of writing, 57.38% of Cardano addresses are at a loss, compared to 35.66% still in profit.
Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric shows that a majority of addresses (49.32%) that purchased between the current price range of $0.429462 and $0.582659 are in loss.
What’s next for Cardano?
Cardano is currently trading at $0.5134 and bulls are having trouble to sustain above the $0.5 price level. Various on-chain signals In the block indicate that the bears could actually take over very soon. Large bullish trades are down 2.29% in the last 24 hours. At the same time, net network growth decreased by 0.18% over the same period.
Cardano is now trading at $0.5134. Chart: TradingView
However, some Cardano supporters have remained optimistic on the trajectory of crypto in the current market cycle. According to a crypto analyst known as Trend Rider, Cardano is still in a tough situation. clear bull market phase over the monthly period.
Her analysis is based on a bullish RSI crossover that occurred during the last quarter of 2023. The expert pointed out that this is only the second time this has happened in Cardano’s price history. A similar outcome to the first crossover would see Cardano price reach new highs in the coming months.
Featured image from Pixabay, chart from TradingView
