Cardano Faces Potential Price Drop Amid Weakening Demand
01.10.2024 9:30 1 min. read Kosta Gushterov
Cardano has enjoyed a 12% price increase over the past month, but there are signs that the token could face a downturn in October.
With selling pressure gradually picking up, a potential correction could send ADA down by as much as 29% in the coming weeks.
Investors seem to be taking profits, as suggested by declining capital inflows tracked by the Chaikin Money Flow (CMF). While buying interest remains, the slowing momentum hints at weakening demand.
This shift is echoed by the falling number of active addresses interacting with the token, which shows that Cardano’s recent price surge might be more a result of broader market trends rather than direct interest in ADA.
Currently priced at $0.39, ADA is close to losing support from a key technical indicator, the Ichimoku Cloud. A break below this level could lead to a drop to $0.27, though a market rebound might instead drive the price toward $0.47.
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