đđReasons for Altcoins to be Painted Redđđ
The decline in Bitcoin price in recent weeks has also deeply affected the altcoin market. New investors in particular, after seeing sustained gains in meme coins, are now facing the brutality of the decline. Old investors know that this situation is temporary. However, there are more bearish signals for Cardano (ADA), one of the largest altcoins by market cap.
Cardano's (ADA) Age Consumed metric spiked on July 4th, representing a value of $433 million indicating 1.32 billion coins moved. This metric shows that long-term investors are moving their holdings, while ADA's trading volume is up 23%. The price drop and the activity of old investors signal that ADA's price may drop further. The weakness in BTC price confirms the bearish scenario of ADA Coin. MTGOX and Germany's BTC sales keep the fear alive in the market. If the expected rapid sales in the ETF channel occur, the losing streak may accelerate with the exit of ETF investors. However, it should not be forgotten that ETF investors from traditional markets can focus on long-term goals and see this process as a buying opportunity.
ADA Coin, which last saw these levels in November 2023, erased the effect of ETF and other positive news from its price. The Aroon indicator confirms the strength of the downtrend. If the sales continue, the price of ADA Coin is likely to drop to $0.31. However, BTC's potential to liquidate short positions with the intermediate rise should not be underestimated. In a possible upward attempt, ADA Coin could target $0.34 and above.
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