The price of Cardano (ADA) has been reduced to one dollar again which is quite psychological and the majority of the investors are tensed with the situation. The investors have faced tremendous losses after buying this digital asset and holding on to it. The ADA token of Cardano is going through a bearish week.
Cardano Token Price Decreased To Become Just A Dollar
The price of the token has decreased by 11.4% which made the investors more frustrated. Moreover, the current price of ADA is less by 64.7% than its highest record price which was reported on 2nd September when each token cost $3.09. In recent times, the price of the token is falling gradually and can be expected to become less than a dollar in the future if this trend continues.
As per sources, approximately 67% of the investors and holders are suffering huge losses. Only one-quarter of the investors are safe and also 9% of them will break soon. The report of the analytic provider stated that nearly 3.41 million addresses of ADA are in danger and only 1.25 million are safe.
The term ‘related metric’ means the total amount of time a token was being held by an investor. In Cardano, 76% of the holders kept the tokens for just one year and 11% of them held them for more than one year. Surprisingly these holders are still making a profit from the current situation.
The technical reasoning is suggesting that Cardano has turned bearish and they could again visit their lowest price of $0.80 that was reported in March this year. That situation will be more harmful to the investors and they will be forced to sell their tokens at a loss. As per Santiment, Cardano was the most evolved and expanded form of the crypto project last year on GitHub and as the NFT bonds were launched this week, there is one more investment vehicle on their network.