In recent trading sessions, the Cardano bulls have been blocked by bears. Over the past week, the altcoin has made multiple attempts to climb above $ 2.1 but has been rejected almost every time.

Cardano’s market capitalization has shrunk to just under $ 67.9 billion at press time. In fact, altcoins like BNB and Solana have better positions on the charts.

Didn’t make an impression

Although ADA’s price and market cap are falling, Cardano’s log revenue has hit new highs so far. According to data from Token Terminal, total revenue has most recently reached $ 105-140 billion.

Even in the macro timeframe, the current range of nearly $ 70 billion is moving towards the upper bound rather than the lower.

Source: Token Terminal

The above data are surprising. Especially since it turns out that more people are joining and interacting with the protocol and helping to generate revenue.

When looking at on-chain data, the ambiguous picture becomes clearer. For example, there was no significant increase in the number of on-chain transactions. It has spent less than 100,000 since early November.

Meanwhile, the average ADA trade size spiked earlier this week and hovered around $ 200,000 by the end of the week. Transactions typically involve both buying and selling. An increase in trade size cannot be seen as a positive sign.

The average balance of the HODLers is decreasing. This means that there is still pressure to sell in the Cardano market. In addition, according to transactions per party, more than 5.6 million ADAs have been sold in the last 6 hours alone.

Source: IntoTheBlock

However, the conversion ratio (volume / OI) increases along with the slope of the baseline. At the same time, they indicate that speculative interest is also growing and that retail market participants are gradually showing a preference for ADA.

Source: IntoTheBlock

Cows will join soon?

However, on the price chart, Cardano broke below the support line of its symmetrical triangle in late October and began making lower lows. However, in the past few days the price has tried to rebound north but has been limited to the USD 2 range.

Should the speculative interest increase further, a slight pump will set in. However, given the state of other indicators and bearish sentiment, it looks like Cardano will be alone for a few more weeks.

At this point, Cardano’s uptrend since hitting $ 3 in September appears to have been completely thwarted, and the likelihood that the bulls will wake up in the short term is very slim.

Source: TradingView

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According to Ambcrypto

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