Coinspeaker
Cardano (ADA) Price Drop Can Continue amid Weak Network Activity
On the weekly chart, Cardano price
ADA
$0.87
24h volatility:
2.1%
Market cap:
$31.14 B
Vol. 24h:
$1.27 B
has seen a sharp drop of more than 18% amid the broader crypto market crash. However, on-chain metrics also show signs of concern as the overall network activity has been on a decline as well.
Following the rally all the way to $1.30 in early December, Cardano price has been moving sideways with steep correction. As of now, the ADA price is trading at $0.88 amid notable sell-offs. While Cardano holders might be expecting a potential rebound, on-chain data from the In/Out of Money Around Price (IOMAP) indicator suggests challenges ahead.
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