It might be Friday the 13th, but the real horror for many bulls will be the day before Bitcoin plunged below $27,000. However, it shows what happened to the 7th largest asset as Bitcoin again broke through $30,000 and formed the top 10 cryptocurrencies by market cap.
you have to see me in the crown
So prices are recovering, but how is the community doing after all the whipping? Unfortunately, development activity still appears to have stalled since the price fell earlier last week.
In fact, it seems that Cardano’s development activity is still strongly linked to ADA’s price performance. This means that the ADA’s relatively slow rally speed can drive out profit-seeking developers.
However, Cardano founder Charles Hoskinson doesn’t seem to be too concerned about the market bottom. Rather, in his tweet on May 12, The Game Of Thrones Soundtrack – Suggested executives may be ready to face “crypto winter”
If this is your first Cryptowinter, welcome. A lot has happened since 2011 and they always hit like a cold ice bath. We panic on the street stage. Once the bottom is found, it clears up in a few weeks or months. Then climb the long ladder https://t.co/R1QMF0NgRI
— Charles Hoskinson (@IOHK_Charles) May 12, 2022
What does this mean? Well, it’s no news that Hoskinson is tired and tired of investors bullying him when the ADA sees the next bullish. One interpretation is that, say, “cryptowinter” may dump less dedicated investors, leaving only hardcore Cardano supporters, investors and builders to stay on the community or “ladder”.
To prove the point, Cardano has seen a surge in whale trades of over $100,000. On May 12 alone, there were 2,397 trades while ADA was trading at around $0.4. This level was last recorded on March 24, 2022. Despite “panic blood” spewing the streets, some whales seem to have decided it’s a good time to fill their shopping bags.
up or down the ladder?
So where can ADA go next? For bulls or bears? Both price indicators have a clear answer. That’s a bear. Relative Volatility Index [RVI] It was below 50 at the time of reporting, suggesting that further volatility could push the ADA down.
Also, awesome oscillator [AO] Below the zero line, a growing red bar blinks. This means that selling pressure is actually high despite the ADA’s green candle.