While developments about many altcoins occur in the market, on the other hand, investors seem to be turning their attention to the market’s older altcoins. Some altcoins, which have been in the market for years and despite their high market volumes, have not fully satisfied their investors, continue to raise questions about when price movements might start.
Current Status of Cardano (ADA)
Cardano (ADA) has drawn attention due to its better performance compared to other tokens in the market over the last few weeks.
As a result of good price movements, investors who think this situation might be limited have caused an increase in the number of short positions created against ADA. In the last 12 hours, ADA has been the third most shorted altcoin among all cryptocurrencies.
The drop in ADA’s price occurred on March 27th. After testing the $0.6700 level, this process became more pronounced. The price then fell by 35%, with the formation of significantly lower lows and lower highs as part of the downturn.
In the past few weeks, there has been no sign of a reversal on the ADA side. A noticeable decline in the CMF (Chaikin Money Flow) indicator was also evident. The decreasing CMF value indicated a weakening of money inflows into ADA.
On the other hand, the RSI (Relative Strength Index) value for ADA also dropped below 36, indicating a significant decrease in upward momentum around ADA.
ADA’s Rise in Social Activity
On the social side, things looked positive for ADA. ADA’s Social Volume maintained its stability over the past month despite declines, reflecting interest in the token on social media platforms. There was also a noticeable increase in Weighted Sentiment around ADA, with more positive comments than negative ones reflected in the indicators.
The interest ADA has on social media could play a critical role in a positive price turnaround in the future.
How Much is ADA Now?
Looking at the latest appearance of the token, despite the price drop, there was a noticeable increase in the number of ADA investors.
The increase in ADA investors has led to ideas about the formation of individual investor interest in the ADA token. However, the emerging interest was not significant enough to move ADA’s price upward. Significant declines also occurred in the Cardano protocol over the last 30 days. The number of daily transactions on the network dropped from 90,000 to 45,000.
Similarly, the number of daily active addresses transacting on the network also fell from 70,000 to 29,000.
As of writing, Cardano (ADA) is trading in the $0.439 region following a 2% decrease.
