Cardano (ADA) is exhibiting a bearish indication in majority of its on-chain indicators, despite a bullish signal from the Bid-Ask Volume Imbalance indicator. Data from IntoTheBlock shows that the Concentration indicator, In the Money indicator, Net Network Growth indicator, and Large Transactions indicator have all been trending downward. This implies that large holders, or "whales," may have been shedding their ADA and taking their profits, leading to fewer new addresses and a decrease in large transactions. These factors point to a potentially bearish behavior for the altcoin.

Contrary to the prevailing bearish sentiment, Cardano's Bid-Ask Volume Imbalance reveals a positive value, which means that the buying pressure for ADA remains strong. In spite of this, ADA's price has declined significantly in the last few weeks, demonstrating a 7.30% decrease in the last seven days, and a 9.68% dip in the last 30 days. At the time of writing, ADA boasts a 24-hour trading volume of $194 million and a market capitalization of $12.75 billion.

Overall, Cardano's recent market indicators suggest an uncertainty in the coin's trajectory. Deep skepticism amongst investors, combined with a looming bearish trend, has created mixed sentiments in the crypto world, making it difficult to make a firm case for the altcoin.



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