LIVE
#Cardano Addresses Market Crash Losses Past 60%
Cardano (ADA) has fallen significantly in the previous 30 days, and key indices indicate a continuing loss in the coming days.
This downturn has seen on-chain statistics show a significant drop in Cardano holders in profit. Over 60% of Cardano addresses, 2.56 million, are in losses, according to IntoTheBlock's "In/Out of the Money" report.
Cardano's price has dropped 34.40% in 30 days. This decrease was worsened by a 5% drop in Bitcoin in the preceding 24 hours. Cardano fell below $0.5 for the first time since February 8.
Cardano has fallen 55% from its March 14 annual high of $0.8009 due to weak bull movement. Cardano is trading 83% below its all-time high, one of the poorest performers among major market capitalization in the current market cycle.
Toncoin (TON) surged 96% throughout the week to a new all-time high of $7.63, pushing Cardano down in market cap rankings. Cardano holders are losing more because to this performance. At now, 57.38% of Cardano addresses are losing money, while 35.66% are profitable.
Next for Cardano?
Cardano is trading at $0.5134 and bulls are fighting to break $0.5. On-chain signs from IntoTheBlock suggest bears may soon win. Bullish big transactions fell 2.29% in 24 hours. Net network growth fell 0.18% throughout the same period.
Some Cardano enthusiasts are bullish about the crypto's market cycle. Trend Rider, a crypto expert, says Cardano is still in a monthly bull market.
A bullish RSI cross in the fourth quarter of 2023 underpins his thesis. Cardano's price history only shows this twice, according to the expert. A repeat of the initial cross would boost Cardano's price in the coming months.
