Cardano (ADA) has been struggling lately, with its price dropping by over 34% in the past month. This decline has caused a significant number of Cardano holders to lose money.
Loss-Making Addresses Soar
According to on-chain data, over 2.56 million Cardano addresses, representing more than 57% of the total, are now holding at a loss. This is a major increase from the 35.66% of addresses that were in profit just a month ago.
Price Slump
The price of Cardano has fallen below $0.5 for the first time since February. This drop is largely due to a recent sell-off in Bitcoin, which has dragged down the entire crypto market.
Bullish Signals Weaken
On-chain indicators suggest that the bears may have the upper hand in the short term. Bullish large transactions have declined, and the net network growth has also slowed down.
Optimism Remains
Despite the recent setbacks, some Cardano supporters remain optimistic. They point to a bullish RSI cross that occurred in late 2023, which has historically led to price increases.
