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The crypto market has consistently failed to surpass a critical threshold. Following sales on June 10, the recovery has remained limited. Ongoing fears about “securities” in altcoins continue to unsettle investors. Many cryptocurrencies are trading close to their 2-3 year lows, with the top ten cryptocurrencies also taking their share of the negative sentiment.
Cardano (ADA)
With the significant update in 2021, Cardano attracted investors by acquiring smart contract capabilities. However, it hasn’t grown as expected in the approximately 2 years since. The competition in Layer1 solutions and bear markets driving investors away from the markets aren’t too surprising factors.
Almost 90% of Cardano addresses are at a loss. In addition, like the number of active addresses, Cardano’s trading volume is also falling sharply. Cardano investors have suffered significant losses on their holdings. Many on-chain indicators are sending critical signals about the future of the price.
ADA Coin Commentary
With 90% of investors incurring losses, slightly less than 7.11% of addresses see profits at the current market price. The remaining 3.1% is almost at cost level. Previously, the number of addresses in the loss zone was still around 80%. Accordingly, the number of addresses incurring losses is increasing.
After a sharp increase, Cardano’s trading volume fell sharply again. The number of large investors falling to two addresses continues to decrease over the past few weeks. Currently, about 22.35% of ADA supply is held by 140 major investors. 9.4% of it is held in the addresses of three whales, with 68% in the hands of small investors.
However, the total number of Cardano addresses is still on the rise. In the last 30 days, the average number of Cardano addresses with an ADA balance was around 4.4 million. Negative sentiment in social media is also increasing. ADA coin investors need closes above $0.33 for a clear return. However, the price is currently under $0.3 support.
Current data suggests that in a scenario where the overall positivity in the market does not fold, the price could fall back to $0.22. Particularly negative news could prompt ADA coin investors, who are already at a loss, to sell off faster.
