- Cardano (ADA) has the best performance over last month within the top 10 by market cap, but indicators show that the investor interest has fallen since the beginning of June.
- Cardano’s trading volume dropped 13.65% in the last 24 hours and its derivatives trading volume returned to May levels.
Since the end of March, Cardano (ADA) began to recover from “Black Thursday” faster than every other cryptocurrency. At the time of writing, Cardano has the best weekly and monthly performance within the top 10 by market cap. The announcement for Shelley and the success of the testnets confirming that the requirements for mainnet deployment have been met, have created a hype for Cardano that has had a visibly positive impact on the price in recent weeks.
ADA is priced at $0.081 with gains of 1.03% in the last 24 hours. In the weekly and monthly charts, Cardano shows a plus of 5.01% and 49.35% respectively. In the top 10, only Ethereum approaches Cardano with a double-digit yield in the monthly chart of 17.32%. By comparison, the fourth largest cryptocurrency by market capitalization, XRP, presents losses of 4.50% and Bitcoin SV has losses of 8.02 in the same period.
Cardano: Indicators show loss of interest
The ADA price has managed to reach the level it had a year ago, but Cardano’s indicators show that its outlook could be bearish. In the last 24 hours, Cardano’s trading volume has further dropped by 13.65% according to data from Nomics.
Along with the above, data from Coinalyze shows that the trading volume of Cardano futures has been declining since the beginning of June. In that period, ADA has remained stagnant in the range of $0.078 to $0.082. As it was rejected before breaking through the significant $0.083 resistance, investors seem to have lost interest causing the drop in trading volume mentioned above and the drop in the futures trading volume, as can be seen below.
In line with this, the number of active Cardano addresses has also shown a significant drop. As with the indicators mentioned above, the beginning of June seems to have been the turning point that changed investors’ bullish sentiment. From that date, the number of active Cardano addresses dropped from 18,000 to just over 8,000. On the other hand, the number of new daily Cardano addresses fell from about 9,000 to about 5,000.
As can be seen in the graph below, the drop in the number of new and active addresses occurred despite the stability in ADA’s price. Furthermore, in the last 7 days active addresses have shown a drop of 26.09% and new addresses a drop of 26.27%. However, investor interest and hype may return when Shelley is released. The release of Shelley is set in almost one week, on June 29th.
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