HomeCoinsCardano (ADA)Cardano: When will the 'gloomy Sunday' of ADA holders end

Cardano: When will the ‘gloomy Sunday’ of ADA holders end

- Advertisement -


You bought ADA when it was at its all-time high and you are listening to the Hungarian suicide song at this point in time, you might be right doing that. They say, too much high hope is a way to create too many disappointments. And, ADA holders have been feeling that very closely.

But, what’s the matter?

The ‘development’ narrative and an anticipation of an unseen hike have left investors joking about their investing decisions. After ADA’s high in September 2021. the coin has been following a downward trajectory- halting at places to form a plateau.

Even though March 2022 saw many of the altcoins recovering, ADA was busy planting a new low. In fact, on 10 March, it reached a low of $0.790 last seen in February 2021. However, it has recovered since. At the time of this analysis, ADA was trading at $1.042 with no signs of recovery in sight. The resurgence of demand could see the coin test its ceiling at $1.626. However, for the coin to reach its all-time high, ADA will have to flip its very strong resistance at $2.252.

The probability of which looks bleak at the moment. RSI and MACD after 4 April have flashed bearish signals. Interestingly, the volume oscillator has been in the negative territory post 27 March 2022.

Cardano: When will the 'gloomy Sunday' of ADA holders end

Source: TradingView, ADA/USD

Even though development activity has been impressive, 3.69m addresses are out of the money, at the time of this analysis. It clearly shows that many of the ADA holders are not enjoying the benefits of their investment.

Cardano: When will the 'gloomy Sunday' of ADA holders end

Source: IntoTheBlock

It’s here to be noted that after 10 March, the number of large transactions on the ADA network saw a spike. This doesn’t really reveal if ADA was being bought or sold for that matter. However, looking at the price chart, it can be inferred that perhaps investors were buying the dip as the price saw a recovery after 19 March.

Cardano: When will the 'gloomy Sunday' of ADA holders end

Source: IntoTheBlock

In fact, ADA’s correlation to BTC has also been rising in the last three months. Especially, after 19 March, the correlation increased from 0.42 to 0.96 at the time of this analysis. Thus, investors should keep a strict watch on BTC’s price moves before deciding to open a position.

Cardano: When will the 'gloomy Sunday' of ADA holders end

Source: IntoTheBlock

Given all the above-mentioned factors, the best thing an ADA holder can do is to ‘wait’ for a rally. They can even choose to HODL for a long time.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 42,340.00
ethereum
Ethereum (ETH) $ 3,216.94
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 324.46
litecoin
Litecoin (LTC) $ 111.20
eos
EOS (EOS) $ 2.39
okb
OKB (OKB) $ 19.27
tezos
Tezos (XTZ) $ 3.11
leo-token
LEO Token (LEO) $ 5.87
cardano
Cardano (ADA) $ 1.03
monero
Monero (XMR) $ 235.86
stellar
Stellar (XLM) $ 0.203254
chainlink
Chainlink (LINK) $ 15.25
huobi-token
Huobi Token (HT) $ 9.41
tron
TRON (TRX) $ 0.062595
usd-coin
USD Coin (USDC) $ 0.997972
dash
Dash (DASH) $ 112.72
neo
NEO (NEO) $ 22.18
iota
IOTA (MIOTA) $ 0.731948
nem
NEM (XEM) $ 0.104632
zcash
Zcash (ZEC) $ 167.11
maker
Maker (MKR) $ 2,044.11
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 41.78
vechain
VeChain (VET) $ 0.06518
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 44.96
kucoin-shares
KuCoin Token (KCS) $ 19.82
waves
Waves (WAVES) $ 24.73