Ever since the peak of May 31, when Cardano rose to a new yearly high of $0.087, its on-chain volume appears to have leveled off. Since then, this metric has experienced a steady decline even though ADA’s price is consolidating between $0.075 and $0.085, based on data from Santiment. The divergence between price and volume can be seen as a negative sign. This may indicate that momentum for a bearish impulse is building up slowly. If this resistance wall continues to hold, the bears may step in. An increase in the selling pressure behind Cardano could see it take a massive nosedive. The GIOM reveals that there isn’t any significant barrier that will prevent ADA from plunging towards $0.062.  [source](https://www.google.com/amp/s/www.newsbtc.com/2020/06/03/cardano-ada-recovers-after-market-wide-crash-but-different-metrics-spell-trouble/amp/)
| author | hive.curation |
|---|---|
| permlink | on-chain-metrics-spell-trouble-for-cardano |
| category | cardano |
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| author | hivebuzz |
|---|---|
| permlink | hivebuzz-notify-hivecuration-20200603t213338000z |
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