Cardano price is positioned at $0.668, signaling potential further decline due to decreasing market activity.
Current Price and Market of Cardano
As of the last check, Cardano price stands at $0.668, which is 22% lower than its peak in May. This level is the lowest since May 6.
On-Chain Metrics and Their Significance
Santiment data shows Cardano's social dominance has fallen to 0.792%, down from 1.8% in May. The number of active addresses has also decreased from over 60,500 to 21,565. Additionally, the mean dollar invested age (MDIA) has dropped to minus 425, indicating that old coins are being moved.
Technical Analysis of Cardano Price
Cardano price has fallen from $1.317 in December to the current $0.66. A double-top pattern formed at $0.845, after which the price broke below the support level of $0.713, marking the lowest price since May 19. Having breached both the 50-day and 200-day moving averages, Cardano is likely to continue falling, with a target support at $0.513.
The decline in Cardano's price and network activity indicates possible further challenges for the cryptocurrency, and investors should remain cautious.
