💥💥💥 Cardano ($ADA ) Price Struggles as Large Transaction Volume Plummets
Cardano Whales🐳🐳🐳 Reduce Exposure Amid Price Dip
Cardano Whales Cutting Back
- On-chain data indicates a significant reduction in large transaction volumes for Cardano (ADA) over the past month. The daily count of ADA transactions valued between $1 million and $10 million has decreased by 33%, and those worth $10 million or more have dropped by 24%.
- This decline in large transactions suggests reduced trading activity by major holders, often signaling a shift from positive to negative market sentiment.
Negative Market Sentiment
- Cardano's weighted sentiment metric currently stands at -0.58, reflecting general negative sentiment on social media. A negative weighted sentiment typically precedes further declines in an asset's value, as investor hesitation reduces demand.
Technical Indicators
Key technical indicators on ADA's daily chart highlight declining demand:
- Relative Strength Index (RSI): The #RSI has fallen below the 50-neutral line, currently at 34.12, indicating increased selling pressure.
- Directional Movement Index (DMI): The DMI shows the positive index (blue) below the negative index (red), signaling bearish control since June 12.
Price Prediction
- If ADA sell-offs continue, its value may dip to $0.35. Conversely, a shift to positive sentiment could increase buying pressure, pushing the value up to $0.41.
Conclusion
Cardano faces reduced interest from major holders and negative market sentiment, leading to potential price declines unless positive sentiment and demand return.
Source - beincrypto.com
