Analytics Firm Issues Cardano Warning, Sees ADA Flashing Bearish Signals After 200% Rise This Month
A prominent crypto analytics firm is warning that on-chain data is indicating that traders are taking profits on their Cardano positions (ADA). Santiment says on the social media platform X ADA is flashing two bearish signals after an over 220% rally this month. According to the analytics firm, the massive upward move has incentivized traders to unload $165 million worth of ADA profits on November 22nd. “[November 22nd] was the highest day of trader realized ADA profits in eight months, and social media discussions are currently at their highest level for the coin in 11 months.” Source: Santiment/X Santiment previously said that soaring social media discussions suggest that an asset may be forming a local price top. At time of writing, ADA is trading for $1.08, down over 4% on the day. Looking at the broader altcoin market, Santiment says that altcoins will likely continue to witness rallies as long as Bitcoin (BTC) trades above an immediate suppo...