CandleFocus Cardano’s on-chain metrics suggest a risk of a 30% price decline
2024-10-02
Author: Content Editor
According to data from Santiment, Cardano's ADA could potentially drop 30% due to declining demand. ADA's poor performance in DDA divergence, network activity, and buying pressure indicated a sharp price drop. The trading volume for ADA dropped to its second-lowest level in 2024, and the daily active addresses also fell significantly. CoinGecko's data confirmed a 17% decline in ADA's price over the last 30 days. Santiment's on-chain data showed a lack of organic demand for ADA, questioning the sustainability of its recent surge. The data suggested that Cardano's price could potentially fall sharply as investors lock in profits. ADA's Tradingview chart projected a deeper correction if it failed to break above the resistance level of $0.41. CoinGecko's ADA charts also revealed a strong near-term bearish trend. Despite this, there was some potential for a rally indicated by ADA's whale activity. However, a Messari report showed a significant drop in ADA's price and market capitalization, partly due to an increase in circulating supply. The drop in Cardano's dApp activity and total value locked also contributed to the negative metrics. The upcoming Chang hard fork and transition to the Voltaire era did not have a significant impact on ADA's price.
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