Cardano Warning: ADA Shows Bearish Signals Post 200 …
A leading crypto analytics firm is cautioning traders about Cardano (ADA) as on-chain data suggests profit-taking may be underway. Santiment reports that on social media, ADA is showing two bearish signals following a remarkable 220% rally this month.
Traders seized the opportunity to sell off $165 million in ADA profits on November 22nd, marking the highest day for trader realized profits in eight months. This surge in profit-taking coincided with a peak in social media discussions about the coin, the highest in 11 months, according to Santiment.
The current price of ADA stands at $1.08, a decrease of over 4% for the day. Santiment also notes that altcoins like XRP, Cardano, Stellar, Hedera, Mantra, and Algorand are rapidly expanding their market caps while Bitcoin remains above a crucial support level of around $95,000.
As Bitcoin continues its historic run, altcoins are expected to benefit from the momentum, with profits flowing into alternative cryptocurrencies throughout November. At the time of writing, the price of Bitcoin stands at $98,197.
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