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Cryptocurrency News Articles

Cardano's Sluggish Performance: Time to Worry or Buy the Dip?

Mar 24, 2024 at 01:13 pm

Despite the bullish market conditions, ADA's price has only managed to rise by 6% in the past 30 days. Most of the market indicators seem to be bearish for the token. Cardano [ADA] has lost significant market cap, pushing it down to the 9th position from the top 10 cryptocurrencies list. While this might seem bearish, ADA might have a few tricks up its sleeve that could lead to a trend reversal.

Cardano's Sluggish Performance: Time to Worry or Buy the Dip?

Cardano's Lackluster Performance: A Cause for Concern?

Cardano's [ADA] price has been lagging behind the broader crypto market rally, gaining a mere 6% in the past 30 days. This has led to a significant loss in market capitalization, pushing the token down to ninth place in the top 10 cryptocurrencies. While this may seem bearish, there are indications that ADA could be gearing up for a trend reversal.

Cardano's Declining Market Cap: A Worrying Trend?

CoinMarketCap data reveals that while several cryptocurrencies have experienced notable growth over the past month, ADA has been left behind. Its price has only risen by 6% in the past 30 days.

At the time of writing, Cardano is trading at $0.6328, with a market capitalization of over $22 billion, making it the ninth-largest cryptocurrency.

The sluggish price action has eroded its previously lofty market capitalization, suggesting that it could also slip out of the top 10 cryptocurrencies by market cap. To gain a clearer understanding of what to expect from the token, AMBCryptoi examined ADA's metrics.

Is Cardano Poised for a Trend Reversal?

While ADA's price action has been lackluster, Cryptollica, a prominent crypto analyst, recently tweeted an intriguing observation. According to Cryptollica, Cardano's price is consolidating and is about to break out of a crucial resistance zone.

A similar pattern was observed in 2020, after which the token's price rallied to its all-time high. We then examined its on-chain metrics to gain further insight into whether history could repeat itself.

Our analysis of Santiment's data shows that network activity surrounding Cardano is high, as evidenced by its elevated daily active addresses. Another bullish signal is the MVRV ratio, which has improved slightly over the past seven days.

Source: Santiment

However, investors should proceed with caution, as most market indicators suggest that the token is bearish. For instance, the MACD indicator is showing clear bearish dominance in the market.

Cardano's Relative Strength Index (RSI) is also below the neutral level, suggesting that the token's value could decline further in the coming days.

However, ADA's price has rebounded after touching the lower Bollinger Band, indicating that a bullish breakout could be imminent in the coming days.

Source: TradingView

Read Cardano's [ADA] Price Prediction 2024-25

Despite the Bollinger Bands suggesting a bullish breakout, market sentiment surrounding the token remains bearish. This is evident from the fact that Cardano's weighted sentiment has dipped into negative territory.

However, its social volume remains high, reflecting its continued popularity within the crypto space.

Source: Santiment

Up Next: Solana Rides Memecoin Mania! What Its Latest ATH Means for Holders

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Other articles published on Oct 31, 2024