Cardano Price Going To $0.25 As New Addresses Drop 48% In 2 Months
The post Cardano Price Going To $0.25 As New Addresses Drop 48% In 2 Months appeared on BitcoinEthereumNews.com.
The crypto landscape quickly turned red as Bitcoin extended the correction from $70,000 to close in on $60,000. Altcoin majors like Ethereum, Solana, XRP, and Toncoin followed as headwinds intensified, reflecting a weakening technical structure for Cardano’s price this weekend.Cardano faces external geopolitical tensions and dwindling sentiment even as chances of several rate cuts expected in 2024 shrink due to fears of a recession in the United States. Low Network Activity Predicts Further Cardano Price Decline A noticeable decrease in the number of new addresses joining the network over the last two months could further squeeze ADA’s lifeline. Blockchain data from IntoTheBlock shows a 48% drop in unique addresses from 14,700 to 7,650 from the beginning of June to early August. Generally, declining network activity implies a subsequent decrease in demand, depriving ADA of price momentum to sustain recovery attempts. The addresses’ metric from IntoTheBlock highlighted a similar trend in the total number of addresses, which is currently at 4.45 million, down from 4.46 million in February. Cardano addresses stats | IntoTheBlock The prevailing technical structure in the daily time frame shows weakness. Bulls are looking forward to a heated battle, especially since most indicators favor an extended correction under $0.35 support. Multiple sell signals call on traders to short ADA, starting with the Moving Average Convergence Divergence (MACD) and a recently confirmed death cross pattern. A death cross sends a bearish signal when a short-term moving average flips below a long-term one. In the ADA price case, the 20-day Exponential Moving Average (EMA) crossed below the 50-day EMA, increasing the chances of a medium-term bearish trend playing out. Cardano price also holds under all three moving averages, including the 200-day EMA, which marks the resistance at $0.4572. Bulls must set camp at $0.35 support because if it is broken and further destabilizes the…
Filed under: News - @ August 4, 2024 7:02 am