The recent price drop of Cardano (ADA) has raised concerns among investors, especially major holders who are beginning to seek alternatives.
Overview of Cardano's Price Decline
Cardano's price is plummeting again, with many large holders starting to liquidate their positions. After a 30% rise in July, ADA's price sharply fell by over 8% in just 24 hours, resulting in $8.3 million in liquidations. Currently, ADA's price is at $0.7217, dangerously close to the critical support level of $0.70.
Market Analysis of Current Conditions
According to CoinGlass, over 97% of liquidated positions were bullish bets. The RSI has dropped to 31.57, approaching oversold territory. The overall market is also showing negative trends, with Bitcoin and Ethereum both down, exacerbating the situation for ADA. Optimism surrounding the Starstream development is not alleviating the decline.
Investors Transitioning to Remittix
Many major ADA holders are beginning to transition to Remittix, which provides real-world utility for cryptocurrencies. Remittix addresses one of the key failures of the crypto market — real-world usability. The protocol supports over 40 cryptocurrencies and offers instant fiat withdrawals. Unlike ADA price prediction models that keep declining, Remittix exhibits growth due to its necessity in the market.
The situation with Cardano's price decline is driving investors to seek more stable and functional solutions, such as Remittix. The shift of major market participants serves as a signal of the need to adapt to changing conditions.
