Cardano (ADA) Price Analysis: Will ADA Experience a New Decline? - COINTURK NEWS
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Cardano (ADA) Price Analysis: Will ADA Experience a New Decline?

4:05 pm (14 days ago)
September 13, 2023

The cryptocurrency market has rebounded with the rise of the leading cryptocurrency Bitcoin, which has surpassed the $26,000 level. The native cryptocurrency of the Cardano blockchain, ADA, has not yet surpassed the $0.25 level despite experiencing a decline in the morning hours. ADA has started trading at around $0.24 with its recent price movements.

What is the Current Situation of Cardano (ADA)?

The cryptocurrency market has regained momentum with the sharp price movements of the leading cryptocurrency BTC between $25,800 and $26,400 in the last 24 hours. Ethereum (ETH) has surpassed the $1,600 level during the day.

The total market value of the cryptocurrency ecosystem has reached $1.04 trillion. According to Coinglass data, approximately $80 million worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours.

ADA, the native cryptocurrency of the Cardano blockchain, has experienced a strong downward momentum in recent weeks. ADA has recorded a loss of nearly 3% in the last week and has come close to the lowest price levels of the past year at the beginning of the week. Although Bitcoin, the leading cryptocurrency, has risen again with surpassing the $26,000 level, ADA has not yet surpassed the $0.25 level and started trading at around $0.24.

What Do the Critical Data Indicate?

As the uncertainty in the cryptocurrency market and the downward momentum in Cardano (ADA) continue, cryptocurrency analysis platform Santiment shared updated data and highlighted critical metrics. According to the data shared by Santiment, the total amount of ADA held by addresses with 1 million to 100 million ADA in their portfolios decreased from 18.15 billion ADA on August 29 to 17.96 billion ADA on September 13.

Addresses holding ADA between 1 million and 100 million ADA sold approximately 200 million ADA in the past two weeks. However, according to Santiment’s data, addresses holding between 1 ADA and 1 million ADA have continued to add varying amounts to their portfolios steadily since the beginning of August.

Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions.

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