Cardano price sends mixed signals as whales start buying
Main Idea
Cardano's price remained stagnant in June, experiencing significant declines from previous highs, while showing mixed signals for potential recovery.
Key Points
1. Cardano's price dropped nearly 18% in June, trading at $0.565, down 34% from its May high and 57% from its November peak.
2. Daily active users on Cardano fell to 20,000, the lowest since 2020, and transactions dropped to 797,000 in June from 2.8 million in December 2023.
3. Whale activity suggests accumulation of ADA, with holders of 100 million to 1 billion tokens increasing their holdings from 3.02 billion in May to 3.25 billion.
4. Technical analysis indicates mixed signals, with potential for a bullish reversal if the $0.519 support holds, but a drop below could lead to further declines.
5. Cardano's stablecoin supply remained unchanged at $31.4 million, reflecting limited growth in ecosystem liquidity.
Description
Cardano’s price remained unchanged on Monday, capping a difficult month in which it dropped nearly 18%. Cardano ( ADA ) was trading at $0.565 on June 30, down 34% from its May high and 57% from its peak in November. The decline mirrors the broader sell-off across altcoins. Cardano’s plunge also coincided with ongoing ecosystem challenges. For example, the total value locked in its decentralized finance ecosystem dropped nearly 20% over the past 30 days to $315 million. Cardano’s stablecoin suppl...
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