Analysts at Glassnode arrived at this level after focusing on active Bitcoin investors and removing coins that are lost forever.

The analyst was always vocal about Cardano’s future prospects as a value investor, envisioning a time when the blockchain platform would boast a solid infrastructure that was secure, scalable, and decentralized.

Crypto analyst and trader Dan Gambardello expressed his long-standing belief in Cardano’s (ADA) potential for mass adoption.

Looking at the charts, the MACD line is above the signal line, indicating that the SAND is experiencing a bullish trend in a short-term period.

The MACD indicator is calculated by subtracting the long-term EMA (Exponential Moving Average) indicator from the short-term EMA.

The Supply in Profit and Loss Ratio soared to a staggering value of 554.5, indicating a much higher degree of profitability in the market.

The platform emphasizes that it is important to note that this ratio is still considerably lower than the peak reached during the exuberance of the 2021 Bull Market.

Another of Tony’s respondents believes Bitcoin’s price movement determines what happens to PEPE.

One follower believes the meme coin has run its course, and the community’s attention has shifted to another project, BOB. The user claimed he had moved his PEPE money to BOB.

As of the time of writing, only a few of Tony’s followers indicated an interest in PEPE’s price development.

PEPE attempted a rebound, the price has trended sideways, with users awaiting the next season of volatility.

A swift retracement saw PEPE dropping by a significant margin. The price fell from $0.0000044867 to a local low of $0.0000010000, reflecting a loss of over 77%.

The rise also introduced PEPE into the class of top meme coins in the crypto industry, like SHIB and DOGE.

PEPE gained over 2,000% of its original value within two weeks to become one of the most profitable crypto assets for 2023.

DefiLlama shows that Cardano DEX volume was around $60 million in April.

Cardano’s DEX volume reached its highest point this month, exceeding $120 million.

The post Bearish Grip Pulls ADA to 7-Day Low:

Despite temporary bearish pressure, ADA’s consolidation phase and bullish indicators suggest a potential rebound, making it an opportune time for traders to consider acquiring holdings at lower levels.

The development is a hint that a major outlier could be in the works for digital asset traders.

The analytics platform also picked up whale activities on Lido DAO and Holo.