Cardano investors are fighting tough market conditions. Sentiment for ADA recently hit its lowest in five months. Selling pressure for Ethereum after reaching its new all-time high led to weakness across the altcoin market. Retail investors are also growing increasingly bearish with the large holders appearing increasingly interested in buying the dip.
Cardano is trading at $0.819344 currently. Its market cap is at $29.28 billion with a 24-hour volume of $1.42 billion as per CoinCodex. The coin shed 1.80% in the last 24 hours. Its dominance has dipped down to 0.76% as investors balance cautious sentiments in the overall crypto space.
ADA’s price history chart is impressive with strong contrasts. Cardano reached its all-time high price of $3.10 in September 2021. All-time lowest price for ADA was in October 2017 at $0.017354. Since then, the cycle low for ADA was at $0.234392, with the last cycle high at $1.3216, indicating steady volatility.
Trading volumes decline amid Cardano weakness
The overall cryptocurrency space is sending mixed signals. There are investors who sell at tops, and investors who buy bottoms. The fear and greed indicator reads “Neutral” but is tilting towards fear.
Holders of Cardano have been shaken the most. Price swung around $0.70 before breaking through temporarily above $1. Optimism was short-lived, however, propelling ADA downwards again to the $0.80 region. This volatility is pushing away smaller traders but presenting buy opportunities for the whales.
Analysts note that such divergence tends to signal reversal. When the crowd surrenders on retail, whales typically buy in. Crowd bearishness has historically often preceded reversal. With ADA struggling on the support line, the deep pocketed may see this as a favorable re-entry.
Audit clears Cardano voucher program
Cardano’s network activity has a different story to tell. Over $5.3 billion in transacting took place over the last week. Active wallets are increasing, so is futures open interest. Analysts believes growth in liquidity will prop the advance to the $1.00 level irrespective of near-term bearishness.
Input Output Global released audit findings for its voucher program. The audit verified 99.2% of the vouchers had been redeemed, with no hint of manipulation. Remaining tokens were transferred via legal means for ecosystem development. Cardano’s reputation is boosted by the clean audit as it navigates the present price fluctuation.
