In March, Cardano's price dropped slightly compared to the beginning of the month, falling to USD 0.64. April did not please investors either, with the token's price falling by about 13% in 24 hours.
According to CoinMarketCap, at the time of writing, #ADA was trading at USD 0.5071 and had a market capitalization of over USD 18 billion, making it the 10th largest #cryptocurrency . It seemed likely that the ADA price would fall further in April as most indicators were giving bearish signals.
An analysis of Santiment data showed a sharp decline in Cardano's MVRV ratio. At the time of publication, it stood at -18%, as evidenced by the drop in weighted sentiment on April 12, with sentiment around ADA also turning bearish. In addition, the token's NVT ratio has also risen sharply. The rise in this ratio suggests that the asset is overvalued, and suggests a further drop in price in the next few days.
Next, Cardano's daily chart was analyzed to see if the indicator signaled further price decline; the MACD ADA showed that a bearish bias clearly prevails in the market.
In addition, the Chaykin Money Flow (CMF) recorded a sharp drop on April 12. Both of these technical indicators supported sellers and suggested that investors may witness a decline in ADA price in the coming days.
Next: oNDO "detached" from #BTC , saw green - dollar price next?
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