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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Majority Of Cardano (ADA) Holders In Loss As Price Slides To $1

Best Owie
Best Owie
1 year ago
3 mins read
Cardano (ADA)

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Cardano (ADA) had since lost its momentum and has been back on another downtrend once more. This time around, the downtrend quickly sent the cryptocurrency back towards the $1 territory. This has had some dire implications for Cardano investors. The majority of these investors have now seen their portfolios descent into the red territory causing them to be taking massive losses at the current prices. 

Cardano Holders In The Red

Much like the majority of the market, Cardano has seen its value decline in recent days. This has been a result of the slowing market momentum which has been widespread. However, not every digital asset holder in the space has been as unfortunate as those who hold ADA tokens. In contrast to investors of other leading cryptocurrencies, the majority of ADA holders are firmly in the loss territory.

Related Reading | Bitcoin Exchange Traded Products Near 1% Of Total BTC Supply

Presently, a quarter of all ADA investors are in profit. Most of these have been those who have held over the long term, meaning having held their tokens for longer than one year. The mid-term holders look to be bearing the brunt of the losses. These holders are those who have held their tokens for one to 12 months. Making up 76% of the total ADA holder population, it is no surprise to see that they make up a large chunk of investors in the loss.

ADA holders in loss

67% of ADA holders in loss | Source: IntoTheBlock

There are a total of 67% of ADA holders who are losing money at current prices, according to data from IntoTheBlock. Only 9% of all ADA investors are sitting in the neutral territory, meaning that they purchased the tokens at the current price.

ADA Turns Bearish

Cardano has once more turned into the bearish territory. This digital asset which had managed to mark the beginnings of a bullish trend last week has been unable to hold on to this. As a result, its long-term outlook is grimmer than expected. 

After falling below the 100 and 200-day moving averages, ADA is holding on to the shorter-term counterparts by a thin thread. Already, it has fallen below its 20-day moving average, a bad sign for the buy and sell pressure for the digital asset going forward.

ADA price chart from TradingView.com

ADA price at $1.09 | Source: ADAUSD on TradingView.com

Indicators have turned to selling for the long term which will yet see the asset drop as more time pass. This is unless it can register above the next significant resistance point which currently lies at $1.171. An easy point to beat if the digital asset can regain a fraction of its momentum from last week. Above this lies the $1.24 resistance, a hard-to-beat one for the asset. This is because ADA is still a seller’s market.

Related Reading | TA: Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K

Nevertheless, with ADA trading above the 50-day moving average, there is still an opportunity for it to reverse this trend in the short term. But only if buyers can ramp up their activity.

Featured image from CryptoTicker, charts from IntoTheBlock and TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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