Cardano Addresses In Loss Barrels Past 57% Amid Market Crash

Cardano (ADA) has been on a significant price decline in the past 30 days with important metrics pointing to a continued decline in the next few days.

This decline has seen the number of Cardano holders in profit falling massively, as evidenced by on-chain data. Particularly, IntoTheBlock’s “In/Out of the Money” has revealed the number of Cardano holders in losses has now climbed to 2.56 million addresses, representing over 57% of the total addresses. 

Cardano’s Lackluster Price Performance

At the time of writing, Cardano has seen its price fall by 34.40% in the past 30 days. This fall was further exacerbated by a recent Bitcoin selloff which saw the leading digital asset fall by 5% in the past 24 hours. As a result, Cardano saw its price falling below $0.5 for the first time since February 8.

A lackluster action from the bulls has seen Cardano falling 55% from a yearly high of $0.8009 set on March 14. In the spirit of a lackluster price surge, Cardano is trading 83% down from its all-time high, with the crypto having one of the worst performances among large market caps in the current market cycle.

In fact, recent market dynamics have seen Cardano falling in market cap rankings after being displaced by Toncoin (TON), which recorded as high as a 96% surge during the week to reach a new all-time high of $7.63. This performance has seen a higher percentage of Cardano holders falling into losses. At the time of writing, 57.38% of Cardano addresses are holding at a loss, compared to 35.66% still in profit. 

Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric shows that a majority of addresses (49.32%) who bought between the current price range of $0.429462 and $0.582659 are in losses.

 

What’s Next For Cardano?

Cardano is currently trading at $0.5134 and bulls are struggling to hold above the $0.5 price level. Various on-chain signals from IntoTheBlock indicate the bears might actually have the upper hand very soon. Bullish large transactions have declined by 2.29% in the past 24 hours. At the same time, the net network growth has declined by 0.18% in the same time frame. 

Cardano is now trading at $0.5134. Chart: TradingView

However, some Cardano supporters have remained optimistic about the crypto’s trajectory in the current market cycle. According to a crypto analyst known as Trend Rider, Cardano is still in a clear bull market phase on the monthly timeframe.

His analysis is based upon a bullish RSI cross that occurred in the last quarter of 2023. The expert pointed out that this is only the second time of its occurrence in Cardano’s price history. A similar outcome to the first cross would see Cardano’s price surging to new highs in the coming months.

Featured image from Pixabay, chart from TradingView

Leave a Reply

Your email address will not be published. Required fields are marked *