Cardano Warning: Analytics Firm Sees ADA Flashing Bearish Signals
A well-known crypto analytics firm has issued a warning based on on-chain data, suggesting that traders are cashing in on their Cardano (ADA) positions. According to Santiment, the social media platform X ADA is showing two bearish signals following a remarkable 220% rally this month.
Santiment reported that traders offloaded $165 million in ADA profits on November 22nd, marking the highest day of realized profits in eight months. Additionally, social media discussions about ADA are currently at their peak levels in 11 months.
The surge in social media discussions led Santiment to suggest that ADA may be reaching a local price top. As of now, ADA is trading at $1.08, down by over 4% for the day.
The broader altcoin market seems to be following Bitcoin’s lead, as Santiment predicts that altcoins will continue to rise as long as Bitcoin maintains its support level of around $95,000. Altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are rapidly expanding their market caps alongside Bitcoin.
At the time of writing, Bitcoin is trading at $98,197. Keep an eye on the markets as the crypto landscape continues to evolve and grow.
