Cardano (ADA) Seeing Extreme Levels of Bearishess
Release: 2024/07/17 13:17 Reading: 500
Cardano Sentiment Dips, XRP Gains Hype
Cardano (ADA)
- Cryptocurrency analytics firm Santiment reports extreme bearish sentiment towards ADA, its lowest in over a year.
- Despite the upcoming Chang hard fork, traders have "written off" the cryptocurrency.
- The hard fork promises decentralized ownership, advanced scalability, and improved security.
- Despite these upgrades, ADA remains outside the CoinGecko top 10.
XRP
- Santiment observes "huge hype" surrounding XRP with bullish narratives emerging.
- The token surged to $0.61, its highest since early April.
- XRP and Cardano share similar price trajectories and enthusiastic followings.
- Former Goldman Sachs analyst Murad Mahmudov has dismissed both as "cult meme coins."
- Data from CoinGecko shows XRP and Cardano are still significantly below their record peaks, with declines of 82% and 85.5%, respectively.
- Despite the recent rally, bearish divergence suggests that the XRP price increase may be temporary.
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