Speaking of #ADA , it has been quite a roller coaster these past few months. Since late May, the price has been on a downward trend. However, looking back from the end of April to mid-May, Bitcoin (BTC) surged dramatically from 76,000 to 111,600, driving ADA up by 46% in one go, which looked very promising!

However, good times don't last long; after the rise, ADA has started to drop again, which is certainly uncomfortable for those holding coins. Recent analysis suggests that friends holding ADA are still leaning bearish, which means that a short-term rebound may not be reliable.

Rebound? Don't be too naive, you might get splashed with cold water at any time❄️

Santiment's data shows that while the number of active wallet addresses remains relatively stable, the activity level of development teams has been on a sharp decline since February. Without the enthusiasm from developers, the confidence of long-term investors will also be diminished.

Looking at the situation of coin holders, the MVRV ratio over the last 90 days (simply put, this is the profit situation of holders) has been positive, meaning that most people are actually making money— but this also brings trouble: once the price rises slightly and people make some profit, they will sell, creating significant pressure on the rebound.

"Coin age" is also shortening, and holders are hesitant to hold for too long.

The average coin age simply means how long the coins have been held in wallets. Currently, this metric is declining, indicating that many people are holding coins for shorter periods, willing to enter and exit quickly, and lacking long-term confidence. If Cardano wants to rebound, it must first see an increase in coin age, suggesting that more people are willing to hold for the long term.

Key price points, keep an eye on👇

Summary

Currently, Cardano's market is relatively stagnant, and there may be minor fluctuations in the short term, but it hasn't reached the true rebound stage. It might be wise to patiently observe, keep an eye on key support and coin age indicators, and wait for the market to truly warm up before taking action. Don't be fooled by short-term illusions! 😉

DYOR, manage your risk well, and may everyone set sail in the crypto world! 🌊

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