Cardano (ADA) network’s large wallet investors have lost interest in the altcoin as the amount of daily activity of these large wallet addresses has reduced on the Cardano blockchain. Fortunately, ADA’s price was not affected by the recent FTX-Alameda crisis as it was not listed on the exchange platform. Therefore, analysts maintain a bullish outlook for the Ethereum-killer.
ADA’s price is trading at $0.3427 at press time after experiencing a 5.37% drop over the last 24 hours, according to CoinMarketCap. This has added to the negative weekly performance of the altcoin, with its weekly price performance now standing at -19.38%. The daily trade volume for ADA has dropped over the last 24 hours as well. Currently, the total daily trade volume for the altcoin is standing at $540,786,120, which is a 42.69% drop compared to the previous day.
Weighted sentiment vs daily active addresses on Cardano (Source: Santiment)
The crypto intelligence firm, Santiment, shows that there has been a shift in the number of daily active addresses, as well as a shift in weighted sentiment and the number of stakers. All of these metrics witnessed a decline in October of this year.
Weighted sentiment for ADA and the Cardano network remained negative throughout October, which implies that the crypto community had more negative than positive comments and mentions about the network on social media platforms.
The pseudonymous crypto analyst, RektCapital, forecasts that the price of ADA will enter into an 8% rally towards the upside. According to the analyst, the altcoin could look to target $0.51.
However, a drop below the $0.33 level could invalidate this bullish thesis, suggesting that support at this level may be weakening.
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Source: Cryptocurrency - investing.com
