Welcome to another insightful video from Cheeky Crypto, your one-stop destination for all things cryptocurrency-related. In this edition, we delve into the world of Cardano, exploring its on-chain data and price analysis to gain a deeper understanding of the network’s current state and potential future trajectory.
On-Chain Data Insights
Analyst JB begins by examining Cardano’s on-chain data, which provides valuable insights into network activity and user behavior. JB observes that the number of Cardano addresses, active addresses, transactions, and blocks added in the last 24 hours all indicate healthy network usage. However, he also notes a recent drop in Total Value Locked (TVL), suggesting a potential decrease in DeFi activity.
Shifting our focus to Cardano’s price chart, JB identifys overbought conditions that could lead to a potential price correction. JB analyzes the weekly chart, highlighting the struggle between bullish and bearish forces. Interestingly, he observes the possibility of retesting the bear market low, indicating a potential price drop to test the 18 Cent level.
- Cardano’s on-chain data suggests continued network activity, while a recent TVL drop indicates a potential decrease in DeFi activity.
- Cardano’s price chart exhibits overbought conditions, suggesting a potential price correction.
- Breaking the 22 Cent level would be crucial for Cardano to regain bullish momentum.
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We hope you enjoyed this comprehensive analysis of Cardano’s on-chain data and price action. Stay tuned for more insightful cryptocurrency updates from Cheeky Crypto.