CandleFocus Cardano (ADA) Faces Risk Of 30% Drop – On-Chain Metrics Confirm A Slow Demand
2024-10-01
Author: Content Editor
Analysts and investors are concerned about the sustainability of Cardano's recent price surge. On-chain data shows a decrease in demand for ADA, raising doubts about the current rally. The negative divergence in daily active addresses suggests that the rally has been fueled more by market sentiment than by actual demand for ADA. There is a significant risk of a 30% drop to the yearly low of $0.27, as selling pressure and diminishing demand increase. ADA must break above resistance levels at $0.41 and $0.45 to confirm a bullish trend. Failure to do so could result in increased selling and a potential drop to $0.27. Traders are closely monitoring ADA's price movements for signs of a breakout or deeper correction.
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