bullish

Cardano

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/active-addresses-decline-despite-ada-price-increase/" data-wpel-link="internal">Active Addresses Decline Despite ADA Price Increase</a> 
Despite the overall bullish sentiment in the market, the number of active addresses transacting specifically with <a href="https://en.coin-turk.com/cardanos-stride-amidst-secs-crypto-clampdown-the-recent-developments-unveiled/" data-wpel-link="internal">ADA</a> continues to decline, raising significant concerns among <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Additionally, the number of whale transactions involving ADA has visibly decreased, which brings another problem. 
<h2 style="text-align: justify" id="cardano-ada-comments">Cardano (ADA) Comments</h2> 
IntoTheBlock <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that the daily number of active addresses performing at least one transaction with ADA has dropped by 36% since last week. Furthermore, the number of new addresses created to trade ADA has also decreased by 46% over the same 7-day period, worrying investors. 
The decline in daily active and new addresses for the examined asset indicates a drop in user activity and interest. This decline shows that fewer investors are transacting with the cryptocurrency, demand is falling, and market sentiment is decreasing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379544" src="https://coin-turk.com/wp-content/uploads/2024/08/cardano-1-coin-turk-com.png" alt="" width="484" height="283"> 
This decline in ADA, which is ranked 10th by volume, is further highlighted by the currently negative price-daily active address (DAA) divergence. The metric shows that negative values have consistently appeared since August 7. 
The price deviation linked to an asset’s DAA reveals price movement against changes in the number of daily active addresses. It also helps market participants understand whether price trends are supported by network activity. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379545" src="https://coin-turk.com/wp-content/uploads/2024/08/cardano-2-coin-turk-com.png" alt="" width="502" height="174"> 
As of the time of writing, ADA’s price DAA deviation was -30.89%. The decline in both the price and the price DAA deviation of the examined asset may indicate weakening even if there is a price increase in the market. This situation reflects decreased interest in the examined asset and low user activity on its network. 
<h2 style="text-align: justify" id="how-much-will-ada-be">How Much Will ADA Be?</h2> 
ADA whale transactions have been notable, with coin distribution accelerating last month, and a 244% decrease in the net flow of large holders was reflected in the charts. This metric measures the change between the amount of cryptocurrencies whale investors buy and sell over a certain period. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-379546" src="https://coin-turk.com/wp-content/uploads/2024/08/cardano-3-coin-turk-com.png" alt="" width="494" height="280"> 
A decline in the metric reflects an increase in whale selling activities. This situation can generally be considered a bearish signal, causing individual investors to sell their assets due to the fear created by whales. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-379547" src="https://coin-turk.com/wp-content/uploads/2024/08/cardano-4-coin-turk-com.png" alt="" width="494" height="220"> 
Despite the price increase on the ADA side, if the existing demand continues to decline, the next price target could be $0.27 according to the charts. On August 5, during the general market decline, ADA fell to this low level, last seen in October 2023. 
A potential drop to the $0.27 level could mean a roughly 20% decrease from the current price of $0.3397. On the other hand, if demand for ADA increases and a bullish trend forms in the market, the price could return to $0.40. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/active-addresses-decline-despite-ada-price-increase/" data-wpel-link="internal">Active Addresses Decline Despite ADA Price Increase</a></h5>
The post <a href="https://en.coin-turk.com/active-addresses-decline-despite-ada-price-increase/" data-wpel-link="internal">Active Addresses Decline Despite ADA Price Increase</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Active Addresses Decline Despite ADA Price Increase

Table of Contents

COINTURK NEWS

Other articles published on Aug 14, 2024

Norwegian Wealth Fund Increases Bitcoin Holdings

Google debuts new AI features for Android devices at ‘Made by Google’

Experts Predict These Altcoins Are About To Skyrocket

Bitcoin Surges Above $61,000 After Recent Fluctuations

XRP On The Rise: Wall Street's Increasing Altcoin Appetite

Bybit Announces New System for Altcoin Listings and Delists

Join our free newsletter for daily crypto updates!