Cardano (ADA) Price Sheds Gains Despite Rising Profitability

Cardano (ADA) is exhibiting intense volatility in the market today as it gives up its overnight gains in the wake of a broader market drawdown.

Cardano’s growth has been erratic since the start of the week. While it recently soared as high as $0.5277, the digital currency has now dropped by 4.74% in the past 24 hours to peg its price at $0.5053.

The market capitalization is also down 4.7% to $17,859,982,110, while the trading volume has slumped 15.92% to $450,578,735.

After more than 2 weeks of slow price actions, Cardano created a falling wedge accompanied by a move resembling a bullish reversal. After teasing this positive momentum, the bears waded into the market again.

Profitability Not Deterring Bear Actions

Cardano bulls are less active when broader market sentiments prove to be unfavorable. On the other hand, some investors typically take profit after every slight surge in price, a trend that has largely become a cycle in recent times.

Data from crypto analytics platform IntoTheBlock (ITB) shared an intriguing perspective to the behavior of different traders in the ecosystem.

The platform pegs the profitable addresses on Cardano at 44.99% or approximately 2,000,000 addresses. The number of wallets facing losses comes in at 52.15% to 2,330,000 addresses. Moreover, wallets at break-even point forms a total of 127,870 or 2.7%.

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Before now, the percentage of ADA traders in profit was not as large, suggesting a rare improvement in a market that has many alternative options to consult with. Despite these promising trends, ADA is still fighting to maintain the $0.51 level as its main support level.

Cardano to ATH, Wen?

With Cardano’s erratic growth, the hopes for a retest of the $3.10 price level is getting tougher. To draw on this, The Crypto Basic consulted both ChatGPT and Google Bard on the possible time for ADA to go back to this historic ATH.

While ChatGPT opined that the ATH in the next 6 to 12 months, Google Bard said this milestone is not realistic until 2025.