Analytics

Cardano Gearing Up For Major Trend Reversal Despite Whales Selling 600M ADA

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Cardano (ADA) is gearing up for a major trend reversal.

Cardano has underperformed the market average in 2022, frustrating believers.

📊 #Cardano has had a rollercoaster of a ride in 2022, mainly frustrating loyal followers of the #8 market cap asset. Our latest user submitted insight touches on how whale behavior, realized profits/losses, & social volume will factor into $ADA’s future. https://t.co/PnEyPj3uLI pic.twitter.com/sKYnIMmaro

— Santiment (@santimentfeed) November 11, 2022

Santiment, the market intelligence platform for analyzing on-chain metrics, shared a>

The on-chain and social analysis tool also mentioned the likelihood of a trend reversal for the eight largest assets by market capitalization, citing “volume gaps especially around 0.19-0.24” price point.

“… This means that new blood may enter once the gaps are filled and increase chances of reversal.”

For the uninitiated, volume gaps, like the one shared by Santiment, means that strong institutional buying of the asset could send prices higher in the weeks and months to come.

It’s been a noteworthy week for digital assets, and with investors flailing arms in response to the FTX’s insolvency, as previously reported by the Cryptobasic, there might be more downside, at least in the short term.

At press time, Cardano’s price is $0.361008 with a 24-hour trading volume of $824,354,407. ADA price is up 3.3% in the last 24 hours, according to Coingecko.

   
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