Why is Cardano Price Falling?

According to TradingView data, ADA entered a downtrend from $0.363 on November 2, and fell to $0.328 on November 3. ADA is trading at $0.332, down 2.7% in the last 24 hours.

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Weakening Onchain Cardano Metrics

Artemis data suggests that the decline in the ADA price coincides with the decline in investor interest and liquidity in Cardano. According to Artemis Terminal, ADA’s daily decentralized exchange (DEX) trading volume fell from $4.2 million on October 31 to $1.83 million on November 3, the lowest level since mid-October.

During this period, Cardano’s overall daily trading volume decreased by 51%, from approximately $545 million to $361 million. Additionally, DefiLlama data shows that the total value locked (TVL) on the Cardano network fell from $248.6 million on September 28 to $208.5 million as of November 4.

The decline in daily trading volume, DEX volume, and TVL parallels ADA’s 7% loss in value over the last 30 days, indicating that overall trading and trader interest in Cardano is decreasing.

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The post Cardano (ADA) Price Drop: Weakening On-Chain Metrics Take Effect appeared first on Coin Engineer.