ADA drops of more than 20% can be due to this factor
Given the market conditions on December 4th, what happens to ADA makes perfect sense. Interestingly, the Cardano network is experiencing strong growth.
4-Hour ADA Price Chart | Source: Tradingview
ADA investors are in pain
The broader market is in the red, dragging ADA with it, with the price currently trading below $ 1.5.
Currently, development on the Cardano network is in good shape on both GitHub and DeFi. In fact, Cardano’s smart contract feature is getting more researched and looking good too. Some of the major protocols on Cardano such as SundaeSwap, Genesis House and others are already under development.
But ADA has not been doing well on site for more than 3 months. Most of the market saw some recovery in October or November, but ADA has failed to break, let alone climb, the $ 2.28 resistance since August.
Since the last ATH, this altcoin has fallen over 55%.
Price action ADA | Source: TradingView
The most disturbing part is that the once super-bullish community is slowly leaving ADA. ADA in August has the largest social indicators of all altcoins after ETH. Their social dominance was 11% but has dropped to 4% at the time of going to press.
Social mass (green) and social dominance (yellow) | Source: Santiment
The network can’t really hold investors because they are only seeing losses over the past 3 months. In particular, 2 million investors have had a harder time since entering the market.
ADA investors are losing money | Source: Intotheblock
The only active being at the moment is the whale. They execute about $ 12 billion worth of transactions on average every day and control speed.
transaction ADA great | Source: Intotheblock
One exception worth considering is the growing correlation between ADA and BTC. It did so at an inopportune time, however: Bitcoin fell below $ 50,000 on December 4, which also caused ADA to fall.
BILLIONrelationship between ADA with Bitcoin | Source: Intotheblock
Hence, ADA needs to have more demand to bounce back and break ATH as not many new investors have come in in the last 10 days.
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ADA drops of more than 20% can be due to this factor
Given the market conditions on December 4th, what happens to ADA makes perfect sense. Interestingly, the Cardano network is experiencing strong growth.
4-Hour ADA Price Chart | Source: Tradingview
ADA investors are in pain
The broader market is in the red, dragging ADA with it, with the price currently trading below $ 1.5.
Currently, development on the Cardano network is in good shape on both GitHub and DeFi. In fact, Cardano’s smart contract feature is getting more researched and looking good too. Some of the major protocols on Cardano such as SundaeSwap, Genesis House and others are already under development.
But ADA has not been doing well on site for more than 3 months. Most of the market saw some recovery in October or November, but ADA has failed to break, let alone climb, the $ 2.28 resistance since August.
Since the last ATH, this altcoin has fallen over 55%.
Price action ADA | Source: TradingView
The most disturbing part is that the once super-bullish community is slowly leaving ADA. ADA in August has the largest social indicators of all altcoins after ETH. Their social dominance was 11% but has dropped to 4% at the time of going to press.
Social mass (green) and social dominance (yellow) | Source: Santiment
The network can’t really hold investors because they are only seeing losses over the past 3 months. In particular, 2 million investors have had a harder time since entering the market.
ADA investors are losing money | Source: Intotheblock
The only active being at the moment is the whale. They execute about $ 12 billion worth of transactions on average every day and control speed.
transaction ADA great | Source: Intotheblock
One exception worth considering is the growing correlation between ADA and BTC. It did so at an inopportune time, however: Bitcoin fell below $ 50,000 on December 4, which also caused ADA to fall.
BILLIONrelationship between ADA with Bitcoin | Source: Intotheblock
Hence, ADA needs to have more demand to bounce back and break ATH as not many new investors have come in in the last 10 days.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
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