IntoTheBlock data shows that more than 3M ADA addresses in losses.
According to data from IntoTheBlock’s (ITB) Break Even Price indicator, more than 3 million Cardano addresses experienced losses on their ADA holdings at the price of $0.378.
It bears mentioning that IntoTheBlock’s Break Even Price indicator is used to examine the profit and loss of crypto addresses. The indicator shows that a total of 3.12 million addresses are in losses on their ADA holdings at $0.378. The number of ADA addresses in losses represents 71.07% of the total addresses on the Cardano network.
Other ADA On-Chain Data
ITB data also shows that 1.16 million addresses, representing 26.47% of all Cardano addresses, are currently in profit. Furthermore, 107,810 addresses, representing 2.46% of all Cardano addresses, are at break even. A break-even price indicates that investors are neither at a loss nor a profit.
ADA was trading around $0.378 in the hours leading up to press time, up 0.36% in the past 24 hours. According to ITB data, ADA’s next major resistance is currently around the prices of $0.379 to $0.388, the levels where more than 125K addresses purchased a whopping 3.65 billion.
Meanwhile, ADA’s major support level is around $0.355 to $0.367, where over 248K addresses purchased more than 3.7 billion ADA.
It is worth noting that ADA holders are not the only investors experiencing losses on their crypto holdings. The majority of crypto assets are currently far from their peak prices.
Many crypto investors are left with two options – to keep holding at a loss or to sell their tokens at a loss. Interestingly, many investors are optimistic that ADA will surpass its previous high of $3.09 in the upcoming bull run.
Of the seven signals ITB presents for Cardano, two are bullish, four are neutral, while only one (large transaction) shows a bearish signal.
The bearish signal for large ADA transactions is understandable, given that the current market looks pretty dull to traders, and only a few people are prepared to commit huge funds to the market.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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