CandleFocus Cardano (ADA) 18% Decline Raises Alarm Amid Weak Network Activity
2024-12-23
Author: Content Editor
The price of Cardano (ADA) has decreased by 18% in the past week, along with the broader market. Concerns about the altcoin's short-term performance have been raised, and on-chain analysis indicates that these concerns may be valid. The In/Out of Money Around Price (IOMAP) indicator shows that Cardano's price faces significant resistance at $0.92, making it challenging for the token to rise above its current price and potentially leading to an extended correction. Data from Santiment also shows a significant drop in Cardano's network activity, indicating a bearish sentiment. The Exponential Moving Average (EMA) suggests a bearish outlook as well, with the possibility of Cardano's price dropping to $0.77 or even $0.55. However, if Cardano network activity rises, there is a chance for the cryptocurrency's value to jump to $1.33.
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