The well-known strategist is now warning investors and traders ADA, saying that the sixth largest cryptocurrency is showing signs of fundamental weakness.
In a new video, InvestAnswers’ analyst and presenter looks at the chart of owners versus an ADA speculator and the data looks bad for the smart contract platform.
“When I look at the blockchain data on ADA owners versus speculators, I think that’s totally correct, but I was blown away by the percentage of long-term ADA owners, which is very, very strange. Only 6.95% of holders keep ADA for more than 1 year. 70% are medium-term owners. That means they have owned the coin for 12 months or less and are 25% a trader. 60% of long-term ETH holders. »
Next comes the number of active addresses, which InvestAnswers says is another red flag for ADA.
“Now let’s look at the number of active addresses. Another interesting statistic you need to learn is the number of addresses. The chain has 3 million addresses, but only 4% active ones. Continuing the comparison with Ethereum, the network has 66 million addresses. Despite the large number of long-term owners, they also have a good activity. ”
Looking at the data from Google Trends, the strategist emphasized that private investors are currently showing little interest in the sixth largest coin.
“So let’s look at the Google trends. Are people interested in Cardano? Global Google trends over the past 12 months suggest that we are back at an annual low. And that means that nobody seems to be interested in Cardano. ”
While the analyst is pessimistic about the outlook for ADA, strategist Capo believes is showing signs of strength after successfully retesting the $ 1.20 range as support.
“ADA tests the second ATH again beforehand. As long as it stays above this level, $ 3-4 will be the next target (last ATH), and if it consolidates above that we will likely see $ 10. ”
The source: Capo / Twitter
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InvestAnswers alerts ADA investors to red
The well-known strategist is now warning investors and traders ADA, saying that the sixth largest cryptocurrency is showing signs of fundamental weakness.
In a new video, InvestAnswers’ analyst and presenter looks at the chart of owners versus an ADA speculator and the data looks bad for the smart contract platform.
“When I look at the blockchain data on ADA owners versus speculators, I think that’s totally correct, but I was blown away by the percentage of long-term ADA owners, which is very, very strange. Only 6.95% of holders keep ADA for more than 1 year. 70% are medium-term owners. That means they have owned the coin for 12 months or less and are 25% a trader. 60% of long-term ETH holders. »
Next comes the number of active addresses, which InvestAnswers says is another red flag for ADA.
“Now let’s look at the number of active addresses. Another interesting statistic you need to learn is the number of addresses. The chain has 3 million addresses, but only 4% active ones. Continuing the comparison with Ethereum, the network has 66 million addresses. Despite the large number of long-term owners, they also have a good activity. ”
Looking at the data from Google Trends, the strategist emphasized that private investors are currently showing little interest in the sixth largest coin.
“So let’s look at the Google trends. Are people interested in Cardano? Global Google trends over the past 12 months suggest that we are back at an annual low. And that means that nobody seems to be interested in Cardano. ”
While the analyst is pessimistic about the outlook for ADA, strategist Capo believes is showing signs of strength after successfully retesting the $ 1.20 range as support.
“ADA tests the second ATH again beforehand. As long as it stays above this level, $ 3-4 will be the next target (last ATH), and if it consolidates above that we will likely see $ 10. ”
The source: Capo / Twitter
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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