The crypto market has just concluded another interesting week which had a bearish start, followed by a mid-week rally. Cardano’s ADA moved in tandem with the market but its recovery was unenthusiastic and failed to reach its previous levels. ADA bottomed out at $0.40 after retesting its short-term descending support line. It bounced back by […]
The crypto market has just concluded another interesting week which had a bearish start, followed by a mid-week rally. Cardano’s ADA moved in tandem with the market but its recovery was unenthusiastic and failed to reach its previous levels.
However, this price represented a weekly drop of more than 2%. Hence, the price did not do much for the rally. Not to forget, ADA has a reputation for being bearish while the bulls favor other top coins.The coin delivered a relatively weak performance in the last seven days of press time. There was some accumulation that backed the uptick after 13 July.
The increase in the number of addresses might be a mixed bag especially if we look at ADA’s supply distribution. Meanwhile, addresses holding 10,000 and 100,000, as well as those holding over 10 million ADA added to their balances during the same period.The observation of the supply balances reveals that some whales have been buying while others have been selling.
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Cardano [ADA] would need to climb past this level to break its bearish movementDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. There was an influx of developers into the Cardano [ADA] Github development network in recent months. Despite developments on the technical side, the sentiment remained bearish. On the price charts as well, the trend […]
Read more »
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