In this article, we will summarize the key points from Cheeky Crypto’s latest market update and analysis, which focuses on Cardano (ADA).
The total global market cap is currently at $1.05 trillion, up 0.25% today, but there has been a recent pullback. Bitcoin is trading at $26,869, up 0.37% today, but down 1.88% in the last 7 days. Cardano’s ADA is trading at $2.47, up 0.56% in the last hour, but down 5.65% in the last week.
Cardano’s on-chain data shows a decline in the number of wallets holding over 1 million ADA. Larger wallets are selling ADA, potentially indicating a bearish sentiment. The technical analysis on Cardano suggests a potential further drop in price. A five-wave structure to the downside is identified, indicating a potential bearish trend. The analysis suggests that Cardano may experience a further breakdown below $2.40. Smart money concepts indicate a bearish market sentiment.
The overall outlook for Cardano is bearish in the short term. However, there are some potential market entry opportunities at lower price points. Investors should be cautious and use tight stop losses when trading Cardano.