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Cardano Price May Be at Bottom as This Indicator Signals: Details

Thu, 10/06/2022 - 09:24
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Gamza Khanzadaev
Cardano experiencing negative bias of crowd is historically sign of bottom
Cardano Price May Be at Bottom as This Indicator Signals: Details
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Cardano is among the assets that the crowd is most pessimistic about, according to crypto analytics agency Santiment. However, as the data shows, low sentiment on Cardano has historically preceded the cryptocurrency's strong price movement.

Looking at the chart presented by Santiment, we can see that Cardano's price naturally moved depending on the sentiment that prevailed on the eve of the big price shifts. Thus, on the background of strong optimism, ADA quotes grew by almost 20% in the first two weeks of August. After that, along with the price correction, there was a change in sentiment and so on.

What is more interesting is that during the long-awaited launch of Vasil hard fork, Cardano did not feature any special mood or price movements. Despite this important event in the life of blockchain, the market has either not yet appreciated the innovation, or the "power reserve" was exhausted by the time of its launch.

Cardano (ADA) price action

Paying attention to the global picture of ADA, it can be said that there was not much drama with pessimistic sentiment. The token continues to trade in the wide price corridor of $0.4-$0.5, but it is still in its lower part, at the level of $0.43.

Source: TradingView

Against Bitcoin, Cardano also does not show anything distinctive and continues to trade sideways, where it has been stuck since February of this year.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.