• Cardano (ADA) is 91.6% below its all-time high of $3.10, which was reached on September 1, 2021.
• On-chain analytics service Santiment has noticed a bullish divergence between price and whale activity and signs of seller exhaustion.
• Messari Research published an analysis of the state of the Cardano network, providing interesting insights into the recent developments on the platform.
Cardano (ADA) is one of the cryptocurrencies that has been hit the hardest by the bear market. Reaching an all-time high of $3.10 on the 1st of September 2021, the coin is currently 91.6% below its peak. This makes it perform much worse than its main competitor Ethereum; ETH reached its all-time high of $4.878 on November 10, 2021, and is currently about -75.4% below that level. Nevertheless, according to on-chain analytics service Santiment, there are early signs of a trend reversal.
Whales and sharks holding 100,000 to 10 million ADA have been accumulating aggressively over the past six weeks. As the analyst writes, there is currently a bullish divergence between price and whale activity. Realized gains and losses paint a bullish picture as well, with signs of seller exhaustion. “On every big price decrease there are fewer and fewer coins moving at a loss,” the analyst notes. Furthermore, the Santiment analyst says that Cardano is facing a trading volume gap in the $0.19 to $0.26 range, where he expects the price to see “serious buying.”
In addition, Messari Research recently published an analysis of the state of the Cardano network. The company looked at the recent developments on the platform, such as the activation of staking at the end of March 2021 and the launch of their new native token, ADA, in April. They also discussed the evolution of the Delegated Proof-of-Stake consensus mechanism and how it has been able to achieve scalability, security, and decentralization. They also highlighted the increasing number of developers and Dapps on the platform, as well as the growing number of exchanges and wallets that support ADA.
In conclusion, the current market conditions are not ideal for Cardano, but there are signs of a potential trend reversal. Analysts and researchers have noticed a bullish divergence between price and whale activity, as well as signs of seller exhaustion. Additionally, recent developments on the platform show that Cardano is continuing to grow and evolve. Therefore, those looking to invest in cryptocurrencies should pay close attention to Cardano and keep an eye out for any potential opportunities.