✅✅ Cardano’s price loss – Is it time to scoop more ADA $ADA ?
* Most ADA transactions ended in a loss, prompting speculation that the price might drop again
* Price-DAA was below 0.50 indicating that it could be time to buy the token
Losing 5.42% of its value in the last 7 days is something that has allowed Cardano [ADA] to emerge as one of the market’s worst performers the top 20. Now, while the token might not be new to this tag, some market participants believe that it could be a good time to buy the token
A similar scenario transpired on 13 April. At that time, the decline in the ratio triggered ADA’s bounce from $0.43 to $0.52. Considering its past performances, there is a chance Cardano might drop further.
If this is the case, the value of the cryptocurrency might drop to $0.42. However, there is a high chance that ADA might produce a 20% hike too, meaning a rise to $0.50 within a few days.
However, it is important to note that this metric alone cannot dictate where Cardano might be heading.
Assessing the same using the volume, on-chain data revealed that the metric hiked on the charts. This is an indication of more buying and selling. However, a look at the price action would suggest that there have been more sales than accumulation.
As long as this remains the case, ADA might face another decline as mentioned above. However, if the decline gets too intense, the token could rally back to its yearly peak.
