• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Cardano Uncertain Path

Cardano’s Uncertain Path: Analyst Predicts Plunge, But What’s Next For ADA?

Samuel Edyme by Samuel Edyme
1 month ago
in ADA
Reading Time: 3 mins read

Recent analytical insights from JB, a crypto analyst from the Cheeky Crypto YouTube channel, suggest that Cardano (ADA) one of the leading altcoins in the crypto market might face a plunge before any potential resurgence.

Anticipating A Downward Trend

According to JB’s analysis, Cardano is possibly on the brink of a price dip. Following the cryptocurrency’s recent pullback, which was exacerbated by the unfounded news about a Bitcoin ETF approval, JB predicts ADA’s price could slide to a range between $0.2296 and $0.2185 before any possible upward reversal.

Related Reading: Cardano (ADA) Getting Ready To Explode: Analyst Presents 16,500% Blowout

JB further emphasized the broader crypto market’s sentiment, referencing the Fear and Greed index, which recently stood at 47 – a nearly neutral position.

The Crypto Market Fear & Greed Index
The Crypto Market Fear & Greed Index. | Source: CoinMarketCap

Interestingly, as highlighted by JB, this metric diverges from market expectations, as many assumed a more fearful sentiment following the unsubstantiated ETF news.

Furthermore, to get a clearer picture of ADA’s potential trajectory, the analyst touched on fundamental factors concerning Cardano. Within the 24 hours leading to JB’s analysis, there were 38,256 active ADA addresses on the Cardano blockchain.

Of these, 31,330 were receiving addresses, while 27,599 were sending. Moreover, during this period, ADA witnessed 55,893 transactions which accrued fees equivalent to 19,908 ADA or approximately $4,841.

Another interesting observation was the addition of 4,086 blocks to the Cardano blockchain, pushing the block height past 9.434 million. When examining ADA’s holders, JB noted a 0.16% weekly increase in wallets possessing up to 10,000 ADA.

This growth expanded to 0.55% over the past month. Conversely, wallets holding over 1,000 ADA experienced a 0.2% increase in the last week and a 0.08% rise over the month.

Whales’ Play In Cardano (ADA) Price Movement?

Another revelation by the analyst that caught attention was the plummeting number of wallets holding up to 1 million ADA. This segment saw a reduction from 2,789 to 2,773. This could insinuate that ADA whales might be partaking in a sell-off strategy.

According to JB, their rationale could be to drive the price downwards, enabling them to repurchase ADA at more favorable rates, and setting the stage for more significant profit margins in the future.

Related Reading: Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?

Regardless of the analysis, ADA has experienced a notable increase in its price over the past week and has maintained a bullish trend in the last 24 hours, rising by 2.2% to a trading price of $0.251, at the time of writing.

Cardano (ADA) price chart on TradingView
Cardano (ADA) price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

In addition, the altcoin’s trading volume has also appreciated significantly in the past week. Particularly, ADA’s daily trading volume has surged from below $95,000 recorded this last Friday to as high as above $150,000, in the last 24 hours.

Featured image from Unsplash, Chart from TradingView

Tags: ADAADAUSDTaltcoinCardanocrypto
Tweet123Share196ShareSend
Samuel Edyme

Samuel Edyme

Edyme is a content writer specializing in the crypto realm. Beyond Bitcoinist and NewsBTC, his writing have graced top sites like Blockchain.News, CoinMonk, Blockchain Reporter, and Bitcoin Insider.

Related Posts

Cardano (ADA)

On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights

1 day ago
Cardano ADA price

Cardano Forecast: Crypto Analyst Identifies The Event That Could Send ADA Price To $11

6 days ago
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

1 week ago
Cardano ADA price

Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

2 weeks ago
Cardano (ADA)

ADA Price Prediction – Cardano Could See “Face Ripping” Rally

3 weeks ago
Cardano ADA whales

Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

3 weeks ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • SEC Calls $ADA and $SOL “Securities” in New Kraken...

    16 hours ago
  • Primex Finance Deploys to Arbitrum to Enable Leverage on...

    2 days ago
  • FansHood Unleashes Innovative SocialFi Platform Redefining...

    2 days ago
  • ArbitrageScanner is hosting its biggest affiliate event in...

    2 days ago
  • $SCORP Token: Passive Income With Deflationary Mechanics...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.