- The Cheeky Crypto analyst thinks Cardano (ADA) is poised to drop lower.
- JB thinks ADA’s price could drop to between $0.2296 and $0.2185 before recovering.
- ADA reacts to the crypto market as the Fear and Greed index hits 47.
According to JB, a crypto analyst on the Cheeky Crypto YouTube channel, Cardano (ADA) is poised to drop lower, following a pullback from the spike after the false spot Bitcoin ETF approval news. JB thinks ADA’s price could drop to between $0.2296 and $0.2185 before attempting to bounce back up.
JB explained that ADA is feeling the impact of the overall crypto market, where the Fear and Greed index has recently risen to 47, an almost neutral value. He notes that this value detaches itself from the expectations, with more people expecting increased fear in the market following the false ETF approval news.
Investigating the fundamental factors, JB observed that active ADA addresses on the Cardano blockchain were 38,256, with 31,330 of them receiving addresses while 27,599 were sending addresses. The analysts noted that 55,893 ADA transactions were carried out within the 24 hours leading to the analysis, attracting a fee of $4,841, equi…
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