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Cardano ADA: Navigating the Bearish Trend with On-Chain Data and Technical Analysis

IS CARDANO ADA: READY TO PUMP?
IS CARDANO ADA: READY TO PUMP?

Introduction

Cardano’s ADA has brought about significant developments for the blockchain, but the cryptocurrency market remains in a bearish state. In this comprehensive analysis, we delve into on-chain data, wallet activity, liquidations, and technical analysis to provide insights into Cardano’s (ADA) price action and potential targets.

Market Overview

The total cryptocurrency market cap currently stands at $1.08 trillion, with a 42% decline in the last 24 hours. The Fear and Greed index hovers around 47, indicating a neutral sentiment amidst fake news surrounding the Bitcoin ETF.

Bitcoin (BTC) Price

Bitcoin, the leading cryptocurrency, is currently trading at $28,450, exhibiting slight fluctuations across different time frames.

Cardano (ADA) Overview

Cardano (ADA) occupies the 8th position on the cryptocurrency charts, trading at 24.6 cents. The price has experienced recent changes, with neutral activity over the past seven days.

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Cheeky Crypto offers exclusive membership benefits, including technical analysis (TA) sessions and Ask Me Anything (AMA) sessions, providing valuable insights into the cryptocurrency market.

On-Chain Data Analysis

Examining on-chain data for Cardano’s ADA reveals active addresses, transactions, blocks, and wallets. This data provides a deeper understanding of network activity and user behavior.

Wallet Activity and Liquidations

Different wallet sizes holding ADA exhibit varying behaviors, with some buying and others selling. Liquidations in the last 24 hours, predominantly long positions, indicate the market’s overall bearish sentiment.

Technical Analysis and Trend Outlook

A detailed technical analysis of ADA’s price action suggests a bearish outlook, with potential targets identified. The overall trend for ADA across various timeframes remains bearish.

Price Targets and Weekly Chart Analysis

Predicted price targets for ADA include a potential bottom area. Analysis of ADA’s price on a weekly chart suggests potential targets in a bear market.

Conclusion

As the cryptocurrency market navigates a bearish phase, it is crucial to exercise caution and employ tight stop losses when trading. Stay updated with Cheeky Crypto’s content for ongoing market analysis and insights.

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