‘Stable engagement, but…’ – Here’s what a look at Cardano’s market tells us
The post ‘Stable engagement, but…’ – Here’s what a look at Cardano’s market tells us appeared on BitcoinEthereumNews.com.
ADA declined by over 4% in the last 24 hours, despite a minor recovery Trend of active addresses remained steady despite this decline Cardano (ADA) has been declining on the charts lately, disrupting any potential recovery plans it might have had in place. And, this downturn is expected to have significant implications. Particularly as the number of active addresses has not seen any substantial movement over this period. Cardano crashes and burns An analysis of Cardano’s (ADA) price trend on a daily timeframe chart revealed a significant recent drop. Specifically, on 2 August, ADA registered a sharp decline of 7.38%, followed by a brief bout of recovery on the charts. Needless to say, the aforementioned price decline influenced the behavior of ADA’s short-moving average (yellow line), with the same establishing itself as a stronger resistance level at around $0.4. The role of this moving average as resistance suggested that ADA will need to muster considerable buying pressure to break through this level and potentially initiate a trend reversal. Source: TradingView Despite the altcoin’s slight recovery over the last few hours, it’s worth pointing out that the Relative Strength Index’s (RSI) reading was close to 40 – An indication of bearish sentiment dominating ADA’s market. Cardano’s active addresses stay steady An analysis of Cardano’s daily active addresses metric on Santiment indicated a generally stagnant trend in user activity. In fact, the numbers have been oscillating between the 26,000 and 27,000 range. This activity level is a sign of a steady but unspectacular engagement level among users within the network. Source: Santiment However, there was a notable albeit brief uptick in activity on 2 August, one where the number of active addresses rose to approximately 28,125. This hike, while minor, could point to a temporary surge in transactions or interactions on the…
Filed under: News - @ August 4, 2024 1:14 pm