{"id":553896,"date":"2023-10-03T17:00:39","date_gmt":"2023-10-03T17:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=553896"},"modified":"2023-10-03T12:59:53","modified_gmt":"2023-10-03T12:59:53","slug":"cardano-shed-gains-profit-taking-spikes-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/cardano-shed-gains-profit-taking-spikes-high\/","title":{"rendered":"Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels"},"content":{"rendered":"

On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days.<\/p>\n

Cardano Has Observed High Profit-Taking After The Rally<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking.<\/p>\n

The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss<\/a>,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with its loss-taking volume.<\/p>\n

This indicator works by going through the on-chain history of each sold coin to see what price it was last moved at. If the previous selling price for any coin was more than the current value it’s being moved at, then its sale contributes to the loss volume. Similarly, the sale would count under the profit volume if it were otherwise.<\/p>\n

Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally?<\/a><\/div>\n

When the value of this metric is positive, it means that the profit-taking volume is more than the loss-taking volume right now. On the other hand, negative values suggest the dominance of the loss-taking volume.<\/p>\n

Now, here is a chart that shows the trend in this indicator for Cardano, Aave, and Curve over the past month or so:<\/p>\n

\"Cardano<\/p>\n

Looks like the value of the metric has been quite high for all three of these coins in recent days | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the indicator appears to have observed a large spike recently for all three of these altcoins. During the peak of this surge, the metric’s value had been among the highest levels observed in the year so far.<\/p>\n
This interest in profit-taking occurred after these cryptocurrencies had observed their respective rallies<\/a>, following Bitcoin’s surge beyond the $28,000 mark<\/a>.<\/p>\n
This extreme profit-taking spree has hit Curve the hardest, as the cryptocurrency has plunged almost 7% during the past day. Cardano has held onto some of its recoveries, as the decline has only been about 2%.<\/p>\n
Aave has not felt any negative effects from this profit-taking, as the cryptocurrency price has mostly continued to move sideways in the past day.<\/p>\n
While ADA has shown some strength against the profit-taking, it’s still a concerning sign for the asset that its modest recovery rally has instigated such an extreme reaction from the market.<\/p>\n
Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back<\/a><\/div>\n
It would seem possible that some of the investors had been waiting for an exit opportunity, however small, and once they got it in the form of this surge, they swiftly sold their coins. If the profit-taking continues in the coming days, Cardano may retrace more of its recovery.<\/p>\n
ADA Price<\/h2>\n
Cardano had approached the $0.27 level at the peak of this rally, but since then, the asset has slumped back toward the $0.26 mark.<\/p>\n
\"Cardano<\/p>\n
ADA has observed some surge in the last few days | Source: ADAUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days. Cardano Has Observed High Profit-Taking After The Rally According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with its loss-taking volume. This indicator works by going through the on-chain history of each sold coin to see what price it was last moved at. If the previous selling price for any coin was more than the current value it’s being moved at, then its sale contributes to the loss volume. Similarly, the sale would count under the profit volume if it were otherwise. Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? When the value of this metric is positive, it means that the profit-taking volume is more than the loss-taking volume right now. On the other hand, negative values suggest the dominance of the loss-taking volume. Now, here is a chart that shows the trend in this indicator for Cardano, Aave, and Curve over the past month or so: Looks like the value of the metric has been quite high for all three of these coins in recent days | Source: Santiment on X As displayed in the above graph, the indicator appears to have observed a large spike recently for all three of these altcoins. During the peak of this surge, the metric’s value had been among the highest levels observed in the year so far. This interest in profit-taking occurred after these cryptocurrencies had observed their respective rallies, following Bitcoin’s surge beyond the $28,000 mark. This extreme profit-taking spree has hit Curve the hardest, as the cryptocurrency has plunged almost 7% during the past day. Cardano has held onto some of its recoveries, as the decline has only been about 2%. Aave has not felt any negative effects from this profit-taking, as the cryptocurrency price has mostly continued to move sideways in the past day. While ADA has shown some strength against the profit-taking, it’s still a concerning sign for the asset that its modest recovery rally has instigated such an extreme reaction from the market. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back It would seem possible that some of the investors had been waiting for an exit opportunity, however small, and once they got it in the form of this surge, they swiftly sold their coins. If the profit-taking continues in the coming days, Cardano may retrace more of its recovery. ADA Price Cardano had approached the $0.27 level at the peak of this rally, but since then, the asset has slumped back toward the $0.26 mark. ADA has observed some surge in the last few days | Source: ADAUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":553916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,14643,12332,89552,89553],"class_list":["post-553896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausd","tag-cardano","tag-cardano-gains","tag-cardano-profit-taking"],"acf":[],"yoast_head":"\nCardano To Shed Its Gains? Profit-Taking Spikes To High Levels<\/title>\n<meta name=\"description\" content=\"Data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register decline in the coming days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/cardano\/cardano-shed-gains-profit-taking-spikes-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardano To Shed Its Gains? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cardano To Shed Its Gains? 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