- Short positions against ADA have increased dramatically.
- Cardano activity has also fallen materially.
Cardano [ADA] Has been among the coins which have performed less well than other tokens in recent weeks.
Short positions against ADA have risen dramatically. Over the last twelve hours, ADA ranked third among all cryptocurrencies in terms of shorting.
Source:
The fall of ADA began on the 27th March, after testing the level $0.6700. The price dropped by 35% in this time period. It also showed multiple lower lows as well as lower highs. This was a sign of a downward trend.
In the last few weeks there have been no signs of a reversal in ADA. CMF, or Chaikin Money flow indicator also declined. CMF (Chaikin Money Flow) fell, which meant that money was flowing less into ADA.
RSI for ADA also fell below 36 indicating that the bullish momentum surrounding ADA has weakened significantly.
Source: Trading view
Social activities on the Rise
ADA was doing well on the social media front. Social Volumes for ADA have remained stable over the past 30 days, indicating the token’s popularity on social platforms.
At press time the Weighted Sentiment for ADA was also higher, indicating that more positive than negative comments had been made about ADA.
ADA’s social media popularity may be a factor in a potential price reduction in the near future.
Santiment
What is the ADA’s performance?
The velocity of ADA has fallen significantly, as was evident from the current state of the token.
Although the price has fallen, the number ADA holders is still growing.
The increasing number of ADA owners suggested there was some retail interest, although it wasn’t significant enough to move the price of ADA up.
Santiment
You can read more about it here Cardano’s [ADA] Price Prediction 2023-24
Cardano also performed poorly. The number of transactions per day on the Cardano network has fallen from 90,000 down to 45,000.
The number of active daily addresses in the network has also fallen significantly from 70,000 down to just 29,000 over the same time period.
Source: Artemis
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Source: ambcrypto.com
