Cardano

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<p><strong>The ongoing cryptocurrency bear market has created a crisis of confidence for Cardano, with nearly 90% of ADA token holders currently sitting on losses.</strong></p> 
<p>This overwhelming capitulation poses a significant threat to the long-term viability of the blockchain project. According to data from Into The Block, around 4 million Cardano addresses are underwater on their ADA holdings as of mid-August 2023.</p> 
<p>The hardest hit investors are those who bought around the all-time highs near $3 last year during a frenzy of speculative hype. About 690,000 addresses sitting on substantial losses purchased at an average price of $2.14.</p> 
<p>Making matters worse, approximately 482,000 addresses acquired ADA at $0.39 on average and are now down by over 80% from those levels. This grouping holds a massive 8.9 billion ADA tokens that are drastically underwater.</p> 
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<p>The plunge in Cardano’s token value highlights a broader loss of faith and momentum. After surging to unsustainable heights in 2021 amid a speculative mania, the project has failed to deliver on the promised technology.</p> 
<p>With bearish technical momentum intact, additional capitulation toward the $0.25 level remains a real danger. This could spark a negative feedback loop of selling begetting more selling.</p> 
<p>To emerge from its current crisis, <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="Cardano" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">Cardano</a> desperately needs a major rally to rebuild confidence among its loyal community. But faith may be difficult to restore after such devastating losses for the vast majority of token holders.</p> 
<h2 class="wp-block-heading" id="strong-trade-setup-and-analysis-strong"><strong>Trade Setup and Analysis</strong></h2> 
<p>Following a bullish breakout from an Ascending Triangle pattern, price reached the target of $0.35 (200-day Moving Average). However, it failed to break above the 200-day MA, which is needed to confirm a trend reversal to an Uptrend.</p> 
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<p>Price has pulled back and broken below the $0.30 support level, resuming its downtrend. Cardano could revisit $0.25 based on the breakdown, according to <strong><a href="https://captainaltcoin.com/go/altfins/" rel="noopener noreferrer nofollow">altFINS</a></strong>.</p> 
<p>The overall trend remains in a Downtrend across short, medium and long-term timeframes. Momentum is also bearish with the MACD line below the signal line and Relative Strength Index below 45.</p> 
<p>Nearest support is at $0.25, then $0.22. Resistance is at $0.30 (previous support), then $0.42.</p> 
<p>With the majority of holders underwater, it may take a significant recovery rally for Cardano to emerge from its current crypto winter. But the blockchain project maintains a loyal following, hoping for a return to former highs.</p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/is-cardano-price-going-to-zero-as-ada-holders-face-significant-losses/">Is Cardano Price Going to Zero as ADA Holders Face Significant Losses</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Is Cardano Price Going to Zero as ADA Holders Face Significant Losses

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