Home > web3.0 > Cardano (ADA) Sees Notable Decrease in Large Transaction Volume, Signaling Reduced Whale Activity

Cardano (ADA) Sees Notable Decrease in Large Transaction Volume, Signaling Reduced Whale Activity

WBOY
Release: 2024-09-20 03:13:08
Original
377 people have browsed it

YEREVAN (CoinChapter.com) — Cardano (ADA) has seen a notable decrease in large transaction volume, signaling reduced whale activity.

Cardano (ADA) Sees Notable Decrease in Large Transaction Volume, Signaling Reduced Whale Activity

Cardano (ADA) has seen a notable decrease in large transaction volume, signaling reduced whale activity. On September 16, the volume peaked at 19.50 billion ADA, but it dropped to 18.44 billion ADA, indicating a decline in major holder engagement.

This decline in whale activity suggests a shift in market sentiment. As whale participation decreases, it impacts the overall market dynamic for ADA, aligning with the recent price movement.

ADA Price Follows Decline in Whale Interest

Cardano’s price has mirrored the decline in whale activity. Over the weekend, the price dropped from $0.36 to $0.33. This price drop has also affected Cardano’s Market Value to Realized Value (MVRV) ratio, which is an important metric that highlights unrealized gains or losses among holders. The one-day MVRV ratio fell from -39% on Monday to -61.25%, indicating that more ADA holders are facing unrealized losses.

This drop in MVRV ratio emphasizes the difficulty many Cardano holders face in securing profits, reflecting the overall market pressure on the cryptocurrency. Whale activity is closely tied to price movements, and its decline adds to the current market challenges.

Technical Analysis Points to Further Cardano (ADA) Price Drops

Technical indicators show that Cardano (ADA) may face further downside. The Awesome Oscillator (AO), which measures market momentum, has shifted from positive on September 15 to negative territory, signaling a potential loss of bullish momentum. Cardano’s price also failed to break the $0.34 resistance level, reinforcing the bearish outlook for ADA.

With these technical indicators, Cardano’s price may be headed toward a test of the $0.30 support level.

Cardano’s Recent Market Dynamics: A Week of Decline and Rebound

At the moment of writing, Cardano (ADA) is priced at $0.3467, reflecting a 7-day decline of 3.24%. The 24-hour trading volume has surged by 38.72% to $307,018,024, while the market cap has increased by 4.47%, reaching $12,467,446,984. This positions Cardano as the 11th largest cryptocurrency by market capitalization. The price chart shows a noticeable downward trend from September 13th to 17th, with a recent rebound approaching $0.35.

The above is the detailed content of Cardano (ADA) Sees Notable Decrease in Large Transaction Volume, Signaling Reduced Whale Activity. For more information, please follow other related articles on the PHP Chinese website!

Related labels:
source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template