Cardano Billionaires Reshuffle Holdings Amid Ada's Struggles
(MENAFN- CoinXposure)
According to crypto trading analyst Ali Martinez, Cardano billionaires have actively reshuffled their holdings over the past week, selling or redistributing approximately 1.02 billion ADA tokens worth an astounding $265 million.
Investors closely monitor Cardano's position relative to its 200-day simple moving average (SMA) as a crucial technical indicator.
ADA trades below this key level, indicating that bears may still hold the upper hand. This precariposition is causing market participants concern, particularly in light of the recent whale activity.
Nonetheless, it is essential to acknowledge that ADA's recent performance has been mediocre. ADA has experienced a 46% decline over the past year, making it one of the cryptocurrencies struggling to keep up with the market's favorable momentum.
The underperformance of Cardano in the field of digital assets is becoming progressively more pronounced.
During the preceding year and a half, ADA fell behind 73% of the top 100 cryptocurrencies in market capitalization.
To add insult to injury, it has been overshadowed by the two heavyweights of the cryptocurrency world, Bitcoin and Ethereum , highlighting its challenges.
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In addition, the recent price movement of Cardano is concerning, as only 12 of the preceding 30 days have recorded gains.
This shows that the cryptocurrency has only recorded green flames on forty percent of trade days, highlighting the bearish attitude that has dominated the market in recent months.
Last but not least, it is of the utmost importance to acknowledge that the ADA has dropped an astonishing 92% from its all-time high, showing the difficulty it will face in making up for lost ground .
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