Cardano’s long-term price will depend on THESE factors
What does the increase in zero balance addresses indicate?
The increase in zero balance addresses for Cardano (ADA) indicates that more holders have been liquidating or abandoning their positions as the price fell on the charts. This trend started around late March and correlates with the declining price of ADA. The uptick in new adoption in June is related to the upcoming network upgrades, which has generated excitement within the community.
How has Cardano's price behaved since January?
Cardano's price has experienced fluctuations since January, with a general decline in active address percentages and a sharp drop in May. The price has shown a tendency to consolidate around the $0.37 level, indicating a lack of strong directional momentum. Despite a recent uptick in new adoption in June, likely due to upcoming upgrades, the overall sentiment remains bearish.
How did Cardano's new adoption rate change from February to June?
Cardano's new adoption rate saw a major decline after peaking in early February, inversely related to the price movement. However, there was a sharp hike in new adoption in June, which is obviously related to the upcoming updates and has excited the community.