According to JB, a crypto analyst on the Cheeky Crypto YouTube channel, Cardano (ADA) is poised to drop lower, following a pullback from the spike after the false spot Bitcoin ETF approval news. JB thinks ADA’s price could drop to between $0.2296 and $0.2185 before attempting to bounce back up.
JB explained that ADA is feeling the impact of the overall crypto market, where the Fear and Greed index has recently risen to 47, an almost neutral value. He notes that this value detaches itself from the expectations, with more people expecting increased fear in the market following the false ETF approval news.
Investigating the fundamental factors, JB observed that active ADA addresses on the Cardano blockchain were 38,256, with 31,330 of them receiving addresses while 27,599 were sending addresses. The analysts noted that 55,893 ADA transactions were carried out within the 24 hours leading to the analysis, attracting a fee of $4,841, equivalent to 19,908 ADA.
Furthermore, JB observed that 4,086 blocks were added to the Cardano blockchain in the last 24 hours, causing the block height to reach 9.434 million. He also observed that wallets holding up to 10,000 ADA in the past week increased by 0.16%, reaching a 0.55% increase in the last month. Those figures are similar to wallets holding over 1,000 ADA, which increased by 0.2% in the past week and 0.08% last month.
On the contrary, the analyst noted that wallets holding up to 1 million ADA are decreasing in number, suggesting that is where the smaller wallets are buying from. Wallets in this category have dropped from 2,789 to 2,773, suggesting ADA whales are selling off and taking profits.
According to JB, the falling price of ADA may be due to the sell-off by the whales, whose intention may be to push the price down and buy back at lower prices for higher profit potential.
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