Still bearish sentiment
In any case, it should be emphasized that those same rules of analysis that are valid for “traditional” markets, when you enter the territory of cryptocurrencies, seem to be there on purpose to be contradicted. According to data from intotheblock.com, currently 4.93 billion ADAs are distributed among 394,000 addresses with an average load price ranging between $ 1.34 and $ 1.63.
In the opinion of Biraaj T, an analyst for AmbCrypto, “this suggests that ADA could continue to fall as low as $ 1.40 in the next few days but, given the extreme volatility that characterizes this asset, the downside is that it could also recover as well. quickly”.
Biraaj T however premises that “otherwise, Cardano would find subsequent theoretical levels of support in the vast area between $ 1.11 and $ 1.34”. Nearly 8.37 billion ADAs were traded by their current holders in that price range, spread across some 590,000 addresses. According to Biraaj T “the situation is definitely at the limit for Cardano and dominant sentiment currently indicates a bearish outlook“.
For a look at all of today’s economic events, check out our economic calendar. You can also follow our Facebook page to stay up to date on the latest economic news and technical analysis.