Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand

Quick Summary:

Cardano Indicator Shows Concerning Data Cardano faces a significant risk of a 30% drop to its yearly low of around $0.27, as on-chain data from Santiment reveals rising selling pressure and diminishing demand.  The warning signs for ADA’s price have become clearer, with its daily active-address (DAA) divergence showing a negative reading of -43.3% at the time of writing.

Related Reading: SUI Ready To Test $2 Resistance – Bullish Pattern Suggests New ATH Soon If ADA fails to break above its current resistance level of around $0.41, analysts expect a deeper correction, potentially pushing the price back to the yearly low of $0.27.

Decreased network activity and buying pressure raise doubts about the sustainability of the current rally.  As the market awaits further developments, investors are closely watching for signs of a reversal or continuation of the uptrend, understanding that ADA’s next move could set the tone for its performance in the weeks ahead.

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Article Details

Author / Journalist: Sebastian Villafuerte

Category: Crypto

Markets: United Kingdom

Topics: Cardano (ADA) Technical Analysis ADAUSDT ADA investors Cardano (ADA) Price Forecast Cardano addresses Cardano news Cardano ADA Cardano Cardano (ADA) Price

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-01 @ 23:00:18 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 508 words

Reading Time: 3 minutes read

Sentences: 59 lines

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Copyright Owner: © NewsBTC

News ID: 22843704

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