- The annual inflation rate of the Cardano token was high, resulting in 6.3%.
- Cardano crypto outperformed 62% of the top 100 crypto assets in the last 1 year.
The Cardano (ADA) market cap experienced a 3.6% decline over the past 24 hours. It indicated a decrease in overall valuation at press time. Despite this drop, the token’s traded volume surged by 60.0%, signaling a significant increase in demand within the crypto market.
However, the ADA price has been marked by high volatility, leading to potential price spikes and fluctuations. It was accompanied by a recorded volatility rate of 5.47%.
Additionally, the fear and greed index was at 27. This indicated a prevalent sense of fear among investors, which may contribute to the ongoing market uncertainty.
At press time, Cardano’s market cap stood at $11.449 billion, securing its position as the 11th largest cryptocurrency globally. Its market cap dominance of 0.57% reflected this substantial market presence. Also, it underscores Cardano’s influence in the broader crypto landscape.
The decline in the token price might continue as higher longs worth $1.09M were liquidated in the Cardano crypto in the last 24 hours. Additionally, the shorts liquidated in the token were worth $44.49K.
What Does the Financial Data of Cardano Token Say About Its Investors?
At the time of writing, 15% of Cardano crypto holders were in profit, while 80% faced losses. Despite these figures, the data reveals that 72% of Cardano’s holders have maintained their positions for over a year. That indicated long-term confidence in the token.
The Total Value Locked (TVL) for Cardano has recently declined, settling at $181.04 Million. This decrease was accompanied by a drop in the stablecoins market cap, which fell to $12.79 Million, raising $62.24 Million.
Cardano currently has 3.577 million holding addresses, with the majority of addresses sustaining their positions over an extended period. This suggested that investor confidence in Cardano’s price stability has remained strong in recent months despite the broader market challenges.
Let’s Make ADA Price Prediction Based On Its Technicals
The ADA price was entrenched in a strong downtrend at press time. It reached new lows near a crucial dynamic support level. This downward movement highlights the sustained dominance of bears over the token’s price for an extended period.
As ADA continued to decline, its price action formed a falling wedge pattern. The token’s price touched the lower band of this wedge pattern and began showing signs of advancing to higher levels.
Suppose the Cardano crypto price rises and breaks above the falling wedge pattern. If this happens, it could signal a potential trend reversal, leading to higher price levels.
What Do Technical Indicators Indicate About Cardano Crypto Price?
Following a consistent decline in price, the Cardano token’s 20-day and 50-day EMAs formed a death cross. It signaled a strong bearish trend. Additionally, the ADA price dropped below these EMAs and has remained below them for an extended period. This reinforced the downward momentum.
ADA/USD Chart by TradingView.com
Interestingly, while the MACD and signal line formed a golden cross, both metrics traded negatively. This suggested a neutral stance from the indicator, reflecting uncertainty in the overall trend.
After reaching the oversold zone, the RSI value climbed above the 14-day SMA, hitting the 50-level on the chart. This movement could introduce Cardano crypto price volatility, especially when considered alongside other technical indicators.
The ADA price may find support at $0.2410 and $0.270, with resistance levels anticipated at $0.620 and $0.680. These levels will be crucial in determining the next direction for ADA’s price action.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
