Cardano

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Drops

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/btc-drops-sharply-after-gradual-rise-2/" data-wpel-link="internal">BTC Drops Sharply After Gradual Rise</a> 
BTC is searching for a new daily low, and we are seeing sharp decline candles again after a gradual rise. Altcoin investors have seen significant losses due to BTC’s trend. Moreover, recovery cannot start because BTC volatility continuously pressures altcoins. A strong signal is flashing for ADA Coin, one of the largest altcoins. 
<h2 style="text-align: justify" id="cardano-ada">Cardano (ADA)</h2> 
ADA Coin, one of the largest altcoins by market value, was the largest PoS altcoin until ETH transitioned to the PoS mechanism. Its price has significantly declined during the downturn over the past few months. However, a larger portion of investors has now risen to the long-term holder class. 
Data from the metric that tracks wallets based on holding duration shows that the number of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">long-term investors</a> has reached an all-time high. The number of long-term investors, reaching 3.2 million, starts to fall at the peak and rise at the bottom. 
For example, in September 2021, when ADA Coin reached $3.1, the number of long-term holders began to decline. In January 2023, it started to increase, indicating the beginning of a new bull cycle. At that time, the price briefly saw a peak of $0.7. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-380381 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ADA-Coin-uzun-vadeli-yatirimcilari.png" alt="" width="1322" height="860"> 
Under current conditions, with the ADA Coin price falling to $0.33 and below, the increase in the number of long-term investors historically signals a new peak. However, BTC does not support bulls for now because giants like NYSE and NASDAQ have withdrawn their BTC option product offers. 
<h2 style="text-align: justify" id="ada-coin-price-prediction">ADA Coin Price Prediction</h2> 
Although historical <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> suggests a rise, Cardano lags behind competitors like <a href="https://en.coin-turk.com/powells-remarks-cause-bitcoin-price-to-drop/" data-wpel-link="internal">Solana</a> in attracting new users. If the network’s interest weakness continues, the increase in the number of holders, along with the decline in BTC price, could reverse the rise expectation. 
Another indicator to watch for the price is the MVRV data. This indicator, which tracks profitability for certain periods, is used to identify dips and peaks. The 30-day MVRV ratio for ADA Coin is around -10%. Generally, when MVRV is below zero at levels between -7.66% and -27.32% (in loss), it signals a dip, and a rise is expected. However, with the 30-day MVRV historically having the potential to fall to -27.32%, the short-term rise expectation also falls through here. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-380382 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/08/ADA-Coin-grafik-tahminleri.png" alt="" width="1600" height="848"> 
RSI is below 40, and sellers are dominant. Under these conditions, a drop to $0.31 may occur. In the opposite scenario, targets could be $0.37 and $0.45. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/btc-drops-sharply-after-gradual-rise-2/" data-wpel-link="internal">BTC Drops Sharply After Gradual Rise</a></h5>
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BTC Drops Sharply After Gradual Rise

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