Developments in the market affect various altcoins, with a shift in investor focus towards older altcoins despite high market volumes. Questions arise regarding the timing of price movements for these established altcoins.
Current Status of Cardano (ADA)
Cardano (ADA) has shown stronger performance compared to other tokens recently, attracting attention from investors. This has led to an increase in short positions against ADA, making it the third most shorted altcoin in the past 12 hours.
The price of ADA experienced a significant drop on March 27th, with a 35% decrease after testing the $0.6700 level. Lower lows and lower highs were observed during this period.
In recent weeks, ADA has not shown signs of a reversal, with a decrease in the CMF indicator signaling a weakening of money inflows. Additionally, the RSI value for ADA dropped below 36, indicating a decrease in upward momentum.
ADA’s Rise in Social Activity
Despite price declines, ADA’s Social Volume remained stable over the past month, indicating ongoing interest in the token on social media platforms. Positive Weighted Sentiment around ADA was also noted, with more positive comments than negative ones.
Social media interest in ADA could potentially impact a positive price turnaround in the future.
ADA's Current Position
Despite a price reduction, there has been an increase in the number of ADA investors, hinting at individual investor interest in the token. However, this interest has not been significant enough to raise ADA's price. Cardano protocol also experienced notable declines, with daily transactions decreasing from 90,000 to 45,000 in the last 30 days.
Similarly, daily active addresses on the network dropped from 70,000 to 29,000.
As of now, Cardano (ADA) is trading at $0.439, showing a 2% decrease.
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