Top Crypto Analyst Issues Cardano Warning, Says ADA Flashing Fundamental Red Flags

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A closely watched crypto strategist warns cardano traders and investors (ADA) that the sixth largest cryptocurrency is showing signs of fundamental weakness.

In a new video, the crypto analyst and host of InvestAnswers tells his 382,000 YouTube subscribers that he’s looking at the chart of holders versus Cardano speculators, and that the data doesn’t look promising for the platform. smart contract.

“When you look at Cardano holders versus speculators, and this is blockchain data, and I guess that’s absolutely correct, but I was stunned by the low percentage of long term Cardano holders , very, very strange. Only 6.95% of Cardano owners own Cardano [for] more than a year. Think about it. 70% are cruisers. This means that they have had it for 12 months or less and that 25% [are] active traders.

So let’s maybe compare that to Ethereum… Ethereum is 60% long-term holders.

Then the number of active Cardano addresses, which host InvestAnswers says is another red flag for cryptocurrency.

“Now let’s look at the active addresses. Another cool statistic you need to dig into. It’s not just the number of addresses, the chain has three million addresses, but the active ones are only 4%. And remember when you put it into perspective with Ethereum, they have 66 million addresses. And despite having a large number of long-time holders, they also have good levels of activity. “

Looking at Google’s trends, the crypto strategist points out that retail investors are currently showing very little interest in the sixth largest coin.

“So let’s take a look at Google’s trends. Do people care about Cardano? Google trends, globally, over the past 12 months we are back to yearlong lows. And that means no one seems to be interested in Cardano.

Although the crypto analyst is bearish on the outlook for Cardano, fellow crypto strategist Capo believes ADA is showing signs of strength after successfully retesting the $ 1.20 area as support.

According to Capo, Cardano is probably aiming for a 580% rally.

“Second retest of the previous ATH (highest historical).

As long as it stays above that level, $ 3-4 should be next (last ATH), and if it consolidates above, we’ll probably see $ 10.

Source: Capo / Twitter

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