Cardano (ADA) Price Slumps Despite Increased Social Dominance Rises

A crypto content creator, David, noted that Cardano is beating Solana on YouTube in terms of social volume. According to data he derived from TubeBuddy

Cardano price dropped on October 2, 2024, as the broader market took a hit following news of the Iran-Israel war escalation. However, ADA remained the 10th most searched crypto on YouTube despite Solana (SOL) being more popular.

Cardano price dropped by 3.2% in the last 24 hours to $0.3398. The broader cryptocurrency market declined by 1.8% during the same period.

A crypto content creator, David, noted that Cardano is beating Solana on YouTube in terms of social volume. According to data he derived from TubeBuddy, the keyword search volume for ‘Cardano’ was 2.6 million compared to ‘Solana,’ which came in at 234,000.

“Monthly keyword search volume on YouTube. Cardano 2.6M vs Solana 234K 1,011% difference (~10x more search volume monthly) Infer from this what you want.”

The 10X difference between Cardano and Solana reflects the disparity in interest among investors potentially seeking more information on the assets.

Solana has received some heat recently after footage of former NSA intelligence contractor and whistleblower Edward Snowden at Token2049 criticizing Solana for being centralized made rounds on social media. This may have contributed to the dropping metrics.

Data from Santiment showed that Cardano’s Social Dominance has increased since September 21, while Solana’s dropped over the same duration.

This suggests that Cardano’s popularity has increased, which indicates that it is capturing the attention of a broader audience. Increased visibility often correlates with heightened investor interest and market sentiment, which can drive up ADA price.

ADA price today is $0.3398, which represents a 3.2% drop in the last 24 hours.

ADA Price Analysis Hints Rebound Imminent To $0.5

For over two months, the Cardano price has oscillated between the $0.32 support and the $0.40 resistance. Currently, ADA is trading near the lower end of this range, around $0.339, close to support.

ADA is likely to find support around $0.32. If this level is broken, it could see a further drop toward the next support level, $0.285. On the flip side, the immediate resistance lies at $0.40, which has capped price rallies multiple times in the past months.

The On-Balance Volume (OBV) indicator shows a lack of strong buying pressure, which matches the ranging price action. There’s no clear volume breakout, confirming the sideways movement.

Moreover, the relative strength index (RSI) is currently around 33.79, which indicates near oversold conditions. This suggests a potential bounce from the current support level at $0.32.

The most likely scenario is a bounce from the $0.32 support back toward the mid-range or upper resistance around $0.38-$0.40. Beyond this, ADA prices could break out of the range by 20% and reach $0.50.

However, if ADA fails to hold the $0.32 support, a deeper pullback toward $0.285 could follow.

ADA is currently in a consolidation phase between $0.32 and $0.40, indicating sideways price action. While the near-term outlook remains neutral, the market might offer a good buying opportunity at the lower range of $0.32, anticipating a bounce back toward $0.38-$0.40 resistance.

1. Why is the Cardano price falling despite its increased social dominance?

The broader market took a hit following news of the Iran-Israel war escalation, which may be contributing to the decline in ADA price despite the increase in social dominance.

2. How does Cardano's keyword search volume compare to Solana’s?

Cardano's keyword search volume on YouTube is significantly higher than Solana's, with a 10X difference in monthly searches according to data from TubeBuddy.

3. Is Cardano a good buy?

The technical analysis of ADA price suggests a good buying opportunity at the lower range of $0.32, anticipating a bounce back toward the mid-range or upper resistance around $0.38-$0.40.

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