ADA PRICES ARE SLIDING BACK KNOW MORE ABOUT IT
As Cardano (ADA) prices fall back to a single dollar level of mindset, more and more investors are finding themselves at an insignificant loss by sticking to digital assets.
Cardano's ADA token has been a bearish week. Prices have dropped by 11.4% since Monday, with many owners turning red. More importantly, the ADA is now 64.7% below its September 2 high of $ 3.09 and is in danger of falling below the dollar in the next few days if the trend continues.
According to IntoTheBlock index “in / out of the money”, more than two-thirds, or 67% of ADA owners, are underwater. A quarter of Cardano's investors are in the green zone, and 9% of them are in the rest area.
The index indicates the average cost to which tokens were purchased and compared them to the current price, which was $ 1.09 at the time of writing.
A statistics provider reported that 3.41 million ADA addresses were red compared to just 1.25 million green.
Metric related to the number of times a token is held. Most, or 76% of ADA owners, hold it for between one and 12 months. Only 11% of Cardano investors have been holding the token for more than a year, and they are still making a profit.
From a technical point of view, the ADA has become bearish and could return soon to 2022 with an annual low point estimated at $ 0.80, which occurred in mid-March. This can put many investors in the red unless they sell at a lower price.
Price fluctuations may be tied to a non-living network at higher expectations set for the delivery of smart contracts. Depending on the number of nationally distributed applications (DApps), Cardano is still a desert as DeFi Llama reports that there are ten DeFi operating systems operating on a network with a total integrated lock of approximately $ 233 million.
Cardano founder Charles Hoskinson however believes many Cardano dApps are waiting for a strong Vasil fork in June to launch. The "Basho" section of Cardano's development guide will focus on benchmarking and smart contracts with a new technology called Hydra to further improve network performance.