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Analyst: Cardano lost over 30% this week despite a surge in community activity

CoinNetwork
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CryptoWorld News reports that Cardano dropped another 13% on Friday, resulting in a loss of over 30% this week. Investors reacted to comments from founder Charles Hoskinson and the market's weakness. Hoskinson posted on social media, saying "I'm taking a break, talk later," which some investors interpreted as a possible departure from Cardano. He later clarified that he is only temporarily stepping back from public activities, not completely leaving Cardano or blockchain research. He emphasized focusing on solving the three major challenges of blockchain rather than ADA's market performance. Despite the negative market response, on-chain and social metrics show that the Cardano community remains highly engaged. Santiment data indicates that social dominance rose to about 0.52%, daily active addresses surged to 28,459, reaching a four-month high. Technically, Cardano remains in a bearish trend, with ADA trading well below key long-term moving averages, RSI dropping to 22, entering oversold territory. If the bear market continues, the next support level is at $0.1274, with the psychological support at $0.1500 possibly providing short-term demand.
ADA-15.33%
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OwlMarketMonitoringLamp
· 6h ago
Old Charlie said the resting market is so scared, is faith so fragile?
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GateUser-6da8ed4c
· 6h ago
The social dominance rate of 0.52% indicates that people are still talking; it's not completely dead.
View OriginalReply0
IceCreamUnderTheNeonLights
· 6h ago
Hoskenson is just taking a break, not fleeing; it's an opportunity created by panic selling.
View OriginalReply0
GlitchOrchard
· 6h ago
The price has dropped 30% and the technical indicators are already poor; wait for stabilization before considering.
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GateUser-1bc81bb2
· 6h ago
0.1274 If you can't hold on, how will the next story be told
View OriginalReply0
RiskParachute
· 6h ago
RSI22 is oversold, selling now might result in a bit of a loss.
View OriginalReply0

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