A closely followed crypto strategist warns both traders and investors of Cardano (ADA) and says that the sixth largest Cryptocurrency Showing signs of fundamental weakness.
In a new video, InvestAnswers’ crypto analyst and moderator tells his 382,000 YouTube subscribers that he’s looking at Cardano’s Owners vs Speculators chart and that the data doesn’t look promising for the smart contract platform.
“If you look at Cardano holders versus speculators, and they are Blockchain-Data, and I suppose it’s totally correct, but I was amazed at how small the percentage of long-time Cardano holders was, very, very strange. Only 6.95% of Cardano holders own Cardano [for] More than one year. Think about it. 70% are cruisers. That is, they have had it for 12 months or less and 25% [are] active dealers.
Let’s compare that with, perhaps Ethereum… Ethereum is 60% long-term owner. ”
Next up is the number of Cardano’s active addresses, which is another red flag for the cryptocurrency according to the InvestAnswers host.
“Now let’s look at active addresses. Another interesting statistic to dive into. It’s not just the number of addresses, the chain has three million addresses, only 4% are active. And remember, if you put things back in perspective, Ethereum, they have 66 million addresses. And despite having a large number of long-term owners, they also have a good amount of activity. “
Looking at Google trends, the crypto strategist emphasizes that private investors are currently very little interested in the sixth largest. show coin.
“So let’s look at the Google trends. Are people interested in Cardano? Google trends, worldwide, in the last 12 months we have returned to one-year lows. And that means that nobody seems to be interested in Cardano. “
Though the crypto analyst weighs the prospect of Cardano Looking pessimistic, fellow crypto strategist Capo believes ADA is showing signs of strength after successfully retesting the $ 1.20 area as support.
According to Capo, Cardano is likely aiming for a 580% rally.
“Second retest of the previous one ATH (All time high).
As long as it stays above that level, $ 3-4 should come next (last ATH), and if it consolidates above that we will likely see $ 10. “
Source: Capo / Twitter
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Source: Crypto News Deutsch