Connect with us
Active Currencies 12836
Market Cap $2,033,129,194,747.70
Bitcoin Share 49.22%
24h Market Cap Change $-3.52

Cardano: Everything you need to know about ADA’s recent tussle with bears

2min Read
Cardano: Everything you need to know about ADA's recent tussle with bears

Share this article

  • Cardano token continues to fail in its combat against a downswing.
  • Long-term ADA holders are beginning to lose interest as the broader market becomes hostile.

Cardano [ADA] found itself in familiar territory as strange occurrences filled the crypto market in the last six to twelve hours. Barely able to produce gains for investors for quite some time, ADA joined the all-inclusive market crash as it shed 4.18% in the last 24 hours.

Read Cardano’s [ADA] Price Prediction 2023-2024

However, languishing in the red region is not obscure to ADA despite being ranked higher in terms of market capitalization. Details from CoinMarketCap showed that it has been one of the worst-performing assets out of the top ten. As a result, it left investors to battle with a 23.12% 30-day decline. 

Exits from the hideout

Surely, the token dump cannot exempt itself from the recent Bitcoin [BTC] loss of the $20,000 stronghold. But a couple of things happening on the Cardano chain have also contributed to the month-long fall.

An irrefutable observation is the trend consistently displayed by its long-term holders. According to Santiment, the ADA 90-day dormant circulation has hit a series of highs since 1 February.

This metric shows the number of unique transactions on a given day made by investors who have refused to move their assets over a long period of time.

At press time, the dormant circulation was 2.84 million. But before the drop, the metric hit 295.8 million on 9 March. So, this implied that ADA investors were opting for mid-term sell-offs as a possible means to survive the current unfavorable conditions.

Cardano dormant circulation and market capitalization waves

Source: Santiment

On the other hand, the realized market capitalization HODL wave reached a one-month high as shown by the chart above. At 1.776, it means that investors were not ready to pay higher prices for ADA, and the token was becoming less appealing.

ADA: Swaying the ride for the bears

Although Cardano’s trading volume surpassed the average in the last 24 hours, the technical outlook was not something to excite short to mid-term holders.

Is your portfolio green? Check the Cardano Profit Calculator

First, the Awesome Oscillator (AO) which compares recent market movements to historic price movements was down to -0.047. Not only did the indicator remain below equilibrium, but it also formed a bearish twin peak. This means that sellers were strictly in control of the market.

In addition, the Chaikin Money Flow (CMF), a 21-day volume-weighted distribution average closed at -0.08. This was almost inevitable since the ADA price action decreased on increasing volume. Hence, ADA’s current status shows weakness in the market.

Cardano [ADA] price action

Source: TradingView

At the time of writing, ADA was down 89.93% from its All-Time High (ATH) and has decreased 63.75% in the last 365 days. But as things stand, there is a chance that the token price trades lower.


Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.