Cardano

April

<p><a href="https://bitcoinist.com/cardano-us-blockchain-voting/" rel="nofollow">Cardano (ADA)</a> risks a significant price decline as several on-chain metrics paint a bearish sentiment for the crypto token. This coincides with a recent technical analysis by a crypto analyst, who <a href="https://www.newsbtc.com/news/cardano/ada-price-0-34-cardano-founder/#:~:text=Cardano%20Founder%20Is%20Bullish%20On%20ADA&amp;text=Hoskinson's%20statement%20came%20in%20response,were%20a%20%E2%80%9Cfair%20vote.%E2%80%9D">predicted</a> that ADA could drop to as low as $0.4.</p> 
<h2 id="ada-sees-decline-in-trading-volume">ADA Sees Decline In Trading Volume</h2> 
<p><a href="https://messari.io/project/cardano/charts/market/volume" rel="nofollow">Data</a> from the on-chain analytics platform Messari shows a decline in <a href="https://bitcoinist.com/cardano-starts-2024-with-a-bang/" rel="nofollow">ADA’s trading volume</a> from its recent peak. The crypto token recorded a daily trading volume of $1.53 billion on March 14 but has been on a steady decline since then, recording a daily trading volume of $445.83 million on April 10.&nbsp;</p> 
<p>Furthermore, <a href="https://app.intotheblock.com/coin/ADA" rel="nofollow">data</a> from IntoTheBlock shows three other on-chain metrics signaling a bearish sentiment for the crypto token. The first is the ‘Net Network Growth,’ which has experienced a 0.17% increase in the past week. This metric measures the total number of ADA addresses, meaning more users have left the ecosystem than new ones have come this last week.&nbsp;</p> 
<p>The second metric is the ‘In the Money,’ which has seen a 0.20% decline in the last seven days. This metric measures the number of ADA holders that are currently in profit at the crypto token’s price level. Meanwhile, large transactions on the <a href="https://bitcoinist.com/cardano-dominates-development/" rel="nofollow">Cardano network</a> have also dropped lately, with a 2.60 decline. These large transactions refer to transactions that are over $100,000, suggesting that <a href="https://www.newsbtc.com/news/cardano/cardano-price-below-0-7/#:~:text=Cardano%20Whales%20Responsible%20For%20Price%20Decline&amp;text=That%20period%20was%20when%20Cardano,Low%2C%20Can%20Bitcoin%20Reach%20%2475%2C000%3F">ADA whales</a> are cooling off on investing in the crypto token.&nbsp;</p> 
<p>These bearish on-chain metrics further strengthen crypto analyst Alan Santana’s analysis, in which he mentioned that ADA could drop between $0.4444 and $0.3450. Back then, he noted that ADA still had a bearish outlook from a technical analysis perspective, and this outlook would extend until ADA found a strong support level on the charts.&nbsp;</p> 
<h2 id="ada-s-derivatives-market-also-shows-bearish-outlook">ADA’s Derivatives Market Also Shows Bearish Outlook</h2> 
<p><a href="https://www.coinglass.com/currencies/ADA" rel="nofollow">Data</a> from Coinglass shows that the bears are also firmly in control of the ADA ecosystem. In the last 24 hours, $632,720 has been wiped out from ADA’s <a href="https://bitcoinist.com/bitcoin-derivatives-market-volumes-show-bullish-trend-after-2022-downturn/" rel="nofollow">derivatives market</a>, with long positions ($502,170) accounting for most of these liquidations.&nbsp;</p> 
<p>Meanwhile, trading volume in ADA’s derivatives market has dropped by over 11%, suggesting a declining interest in the <a href="https://bitcoinist.com/ada-price-set-to-explode/" rel="nofollow">ADA token</a> among crypto investors. Furthermore, the <a href="https://bitcoinist.com/bitcoin-open-interest-all-time-high-btc-72000/#:~:text=The%20%E2%80%9COpen%20Interest%E2%80%9D%20is%20an,increases%20when%20this%20trend%20occurs." rel="nofollow">Options trading volume</a> paints a more bearish picture, dropping by 92% in the last 24 hours.&nbsp;&nbsp;</p> 
<p>At the time of writing, ADA is trading at around $0.59, up over 1% in the last 24 hours according to <a href="https://coinmarketcap.com/currencies/cardano/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/6kNP4wqM/" alt="Cardano price chart from Tradingview.com" width="3286" height="1530"></p>

Cardano At Risk Of Crashing To $0.4 As Important Metrics Turn Bearish

Table of Contents

NewsBTC

Other articles published on Apr 11, 2024

Worldcoin (WLD) Bounces off Key Support – $8 Next?

The Top 5 Platforms for Seamless Access To Crypto Markets

AI Set to Revolutionize Mobile Messaging

Analysts View This Surging Token As the Best New Crypto to Eclipse Polygon (MATIC) and Solana (SO...

JasmyCoin Price Prediction: JASMY Soars 15% As This 2.0 Meme Coin Gives Investors One Last Chance...

Australians wouldn’t value retail CBDC for its privacy or safety, RBA finds

Join our free newsletter for daily crypto updates!