Since the time Cardano has plunged from its prime resistance level, Cardano is having a tough time dealing with the strong bearish influence. The Cardano’s native ADA price action still depicts a bearish selling pressure inclined towards $0.50. Area.
Cardano has suffered this bearish pull along with other cryptocurrencies in the market. The first was on May 12th when the Cardano bottomed at $0.47, the lowest level since February 2.
The Cardano community was eagerly waiting for the ADA price to head towards a recovery phase with the Vasil hard fork confirmation, but nothing worked.
On the other hand, CryptoCompare Report suggests that in the month of April, the number of addresses holding ADA surged by 2.99% accounting for 5.2 million.
Buy The Dip Signal Weakens
On May 12, there was the highest number of whale transactions recorded where more than $100k were clocked at 1450. However, this positive action couldn’t be held for long due to the market volatility.
Meanwhile, ‘buy the dip’ signals were being flashed with the whale activity which has slowed down at present and poses a matter of concern for the Cardano community.
According to Gfinity Esports data, for Cardano holders the average hold time is comparatively more than that of other top-ranking crypto assets hold time. This is further proved by the present 0.7 MVRV value of Cardano pointing toward an accumulation trend. With this data, there is a hope that this accumulation by the whales will spike along with the Vasil hard fork
One thing that needs to be looked at is the decreasing faith in ADA’s price action after Terra’s price crash that pulled back the whole crypto market. There has been a loss of more than $1 trillion by the crypto industry over the last six months due to geopolitical issues hovering around the crypto space.