In the day trade session on July 4, Cardano’s (ADA) Age Consumed reached a level not seen in 35 days. This showed that a lot of coins that had been sitting still were now moving.
People who have held altcoins for a long time have started moving their coins again after not doing anything for a long time.A large amount of 1.32 billion Cardano coins, which are worth around $433 million today, were moved on July 4.
The Age Consumed measure went up a lot because of this.We can learn a lot about how long-term users act by following the movements of coins that aren’t being used. People who own these coins don’t move them around very often, so any changes could be a sign of how the market will move in the future.
Cardano Trading Volume Rises
After the recent rise in the Age Consumed metric, the price of Cardano went down, which suggests that the local high point has been hit. As of this writing, the price of ADA has dropped 17% in the last 24 hours, to $0.32. For background, the altcoin was selling at $0.39 when its Age Consumed went up, which was its most recent local high point.
In addition to that, the amount of ADA traded every day has also grown a lot, rising by 23% in that time. There is a negative divergence between the drop in price and the rise in trading volume. This means that the direction may continue to go down. In the past 24 hours, ADA has been bought and sold for a total of $707 million.
Since the beginning of July, the altcoin’s price has been going down. It’s selling at a price it hasn’t seen since November 2023. The Aroon Down Line shows how strong a trend is and where it might change. It’s at 100% right now, which proves that the decline is strong.
If the Down Line is close to 100%, there is a strong trend for prices to go down, and the most recent low was not long ago.The value of ADA could drop even more, to $0.31, if people keep feeling bad about it. The price could go up to $0.34, though, if a lot of people want it.
After these changes, traders and investors will keep a close eye on Cardano’s measurements and price changes to try to find opportunities and guess where this popular altcoin will go next.
