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Cardano Social Sentiment Falls to Monthly Lows; Here Is Positive Indication for Price

Tue, 06/28/2022 - 13:06
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Tomiwabold Olajide
This may seem positive for ADA prices
Cardano Social Sentiment Falls to Monthly Lows; Here Is Positive Indication for Price
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Cardano's social sentiment is at levels last seen in February as the crypto market persists in its bearish state. As euphoria marks the tops and extreme fear comes at the bottoms, investor and trader sentiment is a key factor that drives the market.

In a recent tweet, analytics firm Santiment wrote, "On this bear market slide, Cardano is seeing the least amount of unique addresses interacting on its network in a year. On top of this, sentiment on social platforms has fallen to a 4-month low. When ADA spikes again, FOMO should return quickly."

This may seem positive for ADA prices, as negative sentiment suggests a higher likelihood of price bottoms. Positive sentiment, on the other hand, presents a higher chance of price tops.

ADA experienced lackluster price action in February as its price steadily fell to a temporary bottom at $0.74, from which point it then consolidated. Its social sentiment changed for the worse due to underwhelming trading. A month later, at the beginning of April, Cardano rose to its high of $1.24.

Cardano may, therefore, soon find a price bottom from which it may creep higher if history is any guide. The $0.52 and $0.92 levels, however, continue to be obstacles for bulls to overcome.

At the time of publication, ADA was changing hands at $0.49, down 1.77% in the last 24 hours, per CoinMarketCap data.

Cardano's Vasil progresses

Romain Pellerin, IOHK's CTO, says that presently 50% of stake pool operators have upgraded to the recently released Cardano Vasil Node 1.35.0.

He tweeted, "We reached 50% of stake controlled by 1.35.0 nodes on the Cardano testnet, 25% more to go."

Over the weekend, Cardano's IOHK shared the positive news that it had successfully released and tagged the Cardano node 1.35.0, which it says will be the final candidate for the mainnet Vasil release. According to IOHK, the testnet upgrade proposal will be submitted as soon as 75% of stake pool operators join.

As reported by U.Today, Vasil Hard Fork's mainnet launch is now anticipated to occur in late July.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.