{"id":645604,"date":"2024-10-01T23:00:18","date_gmt":"2024-10-01T23:00:18","guid":{"rendered":"https:\/\/www.wncen.com\/?p=645604"},"modified":"2024-10-01T23:00:52","modified_gmt":"2024-10-01T23:00:52","slug":"cardano-ada-faces-risk-of-30-drop-on-chain-metrics-confirm-a-slow-demand","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/cardano\/cardano-ada-faces-risk-of-30-drop-on-chain-metrics-confirm-a-slow-demand\/","title":{"rendered":"Cardano (ADA) Faces Risk Of 30% Drop \u2013 On-Chain Metrics Confirm A Slow Demand"},"content":{"rendered":"

Cardano has seen a strong 26% surge following the Federal Reserve’s interest rate cuts announcement two weeks ago, boosting optimism across the crypto market.\u00a0<\/span><\/p>\n

Analysts and investors are questioning the sustainability of the recent surge. Despite the initial rally, Cardano’s price failed to close above a key resistance level, signaling potential weakness in the uptrend.<\/span><\/p>\n

Related Reading: Solana (SOL) \u2018Could Go Parabolic\u2019 Once It Breaks $200 Resistance \u2013 Analyst<\/a><\/div>\n

On-chain data from Santiment reveals a decline in demand for ADA, adding to investor caution. Decreased network activity and buying pressure raise doubts about the sustainability of the current rally.\u00a0<\/span><\/p>\n

As the market awaits further developments, investors are closely watching for signs of a reversal or continuation of the uptrend, understanding that ADA’s<\/a> next move could set the tone for its performance in the weeks ahead.<\/span><\/p>\n

Cardano Indicator Shows Concerning Data<\/span><\/h2>\n

Cardano faces a significant risk of a 30% drop to its yearly low of around $0.27, as on-chain data from Santiment<\/a> reveals rising selling pressure and diminishing demand.\u00a0<\/span><\/p>\n

The warning signs for ADA\u2019s price have become clearer, with its daily active-address (DAA) divergence showing a negative reading of -43.3% at the time of writing. This metric, which tracks the correlation between an asset\u2019s price movements and changes in its daily active addresses, has remained negative since September 7, indicating a troubling trend for Cardano.<\/span><\/p>\n

\"Cardano
Cardano price daily active-address (DAA) divergence. | Source: Santiment<\/a><\/figcaption><\/figure>\n

The negative DAA divergence suggests that much of ADA\u2019s rally this month, following the Federal Reserve’s interest rate cuts, has been fueled more by broader market sentiment than by any specific demand for ADA itself. This lack of organic demand increases the likelihood of a steep correction shortly. <\/span><\/p>\n

Without sustained buying pressure, Cardano’s price could drop sharply as traders begin to lock in profits, further driving prices downward.<\/span><\/p>\n

Related Reading: SUI Ready To Test $2 Resistance \u2013 Bullish Pattern Suggests New ATH Soon<\/a><\/div>\n

If ADA fails to break above its current resistance level of around $0.41, analysts expect a deeper correction, potentially pushing the price back to the yearly low of $0.27. With weakening demand and increasing selling pressure, Cardano\u2019s near-term outlook looks uncertain, and traders are bracing for further downside risk.<\/span><\/p>\n

ADA Price Action: Testing A Crucial Supply Level<\/span><\/h2>\n

ADA trades at $0.38, following a 10% dip from its daily 200 exponential moving average (EMA) at $0.41. <\/span>This level has become a crucial resistance area, as the price formed a new local high around this zone. <\/span><\/p>\n

ADA must reclaim the $0.41 level and push above the next key resistance at $0.45 to confirm a bullish trend for the coming weeks. Successfully breaking past these levels would signal renewed strength, giving the bulls control and potentially leading to higher prices.<\/span><\/p>\n

\"ADA
ADA is trading below the 1D 200 EMA. | Source: ADAUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n

However, if ADA fails to push above these critical levels, the altcoin could face further downside pressure. A failure to reclaim $0.41 and surpass $0.45 would likely result in increased selling, triggering a potential 30% drop. In such a scenario, ADA would be at risk of revisiting its yearly low of around $0.27.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts \u2013 Is DOGE Primed For A Rally?<\/a><\/div>\n

Given the current market uncertainty and declining demand, traders are carefully watching ADA\u2019s price movements, as the next few days could be pivotal for determining whether a bullish breakout or a deeper correction is on the horizon.<\/span><\/p>\n

Featured image from Dall-E, chart from TradingView<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano has seen a strong 26% surge following the Federal Reserve’s interest rate cuts announcement two weeks ago, boosting optimism across the crypto market.\u00a0 Analysts and investors are questioning the sustainability of the recent surge. Despite the initial rally, Cardano’s price failed to close above a key resistance level, signaling potential weakness in the uptrend. Related Reading: Solana (SOL) \u2018Could Go Parabolic\u2019 Once It Breaks $200 Resistance \u2013 Analyst On-chain data from Santiment reveals a decline in demand for ADA, adding to investor caution. Decreased network activity and buying pressure raise doubts about the sustainability of the current rally.\u00a0 As the market awaits further developments, investors are closely watching for signs of a reversal or continuation of the uptrend, understanding that ADA’s next move could set the tone for its performance in the weeks ahead. Cardano Indicator Shows Concerning Data Cardano faces a significant risk of a 30% drop to its yearly low of around $0.27, as on-chain data from Santiment reveals rising selling pressure and diminishing demand.\u00a0 The warning signs for ADA\u2019s price have become clearer, with its daily active-address (DAA) divergence showing a negative reading of -43.3% at the time of writing. This metric, which tracks the correlation between an asset\u2019s price movements and changes in its daily active addresses, has remained negative since September 7, indicating a troubling trend for Cardano. The negative DAA divergence suggests that much of ADA\u2019s rally this month, following the Federal Reserve’s interest rate cuts, has been fueled more by broader market sentiment than by any specific demand for ADA itself. This lack of organic demand increases the likelihood of a steep correction shortly. Without sustained buying pressure, Cardano’s price could drop sharply as traders begin to lock in profits, further driving prices downward. Related Reading: SUI Ready To Test $2 Resistance \u2013 Bullish Pattern Suggests New ATH Soon If ADA fails to break above its current resistance level of around $0.41, analysts expect a deeper correction, potentially pushing the price back to the yearly low of $0.27. With weakening demand and increasing selling pressure, Cardano\u2019s near-term outlook looks uncertain, and traders are bracing for further downside risk. ADA Price Action: Testing A Crucial Supply Level ADA trades at $0.38, following a 10% dip from its daily 200 exponential moving average (EMA) at $0.41. This level has become a crucial resistance area, as the price formed a new local high around this zone. ADA must reclaim the $0.41 level and push above the next key resistance at $0.45 to confirm a bullish trend for the coming weeks. Successfully breaking past these levels would signal renewed strength, giving the bulls control and potentially leading to higher prices. However, if ADA fails to push above these critical levels, the altcoin could face further downside pressure. A failure to reclaim $0.41 and surpass $0.45 would likely result in increased selling, triggering a potential 30% drop. In such a scenario, ADA would be at risk of revisiting its yearly low of around $0.27.\u00a0 Related Reading: Dogecoin Could Target $0.20 Soon, Analyst Predicts \u2013 Is DOGE Primed For A Rally? Given the current market uncertainty and declining demand, traders are carefully watching ADA\u2019s price movements, as the next few days could be pivotal for determining whether a bullish breakout or a deeper correction is on the horizon. Featured image from Dall-E, chart from TradingView<\/p>\n","protected":false},"author":617,"featured_media":645609,"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":[85835,79508,12332,15138,15527,15134,14301,84796,89230],"class_list":["post-645604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada-investors","tag-adausdt","tag-cardano","tag-cardano-ada-price","tag-cardano-ada-price-forecast","tag-cardano-ada-technical-analysis","tag-cardano-ada","tag-cardano-addresses","tag-cardano-news"],"acf":[],"yoast_head":"\nCardano (ADA) Faces Risk Of 30% Drop \u2013 On-Chain Metrics Confirm A Slow Demand<\/title>\n<meta name=\"description\" content=\"Cardano faces 30% drop risk as data shows declining demand. 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