[Analysis] "Cardano, retail investor sentiment at five-month low…sign of a rebound"
Suehyeon Lee
Summary
- It reported that Cardano (ADA)'s retail investor sentiment hit its lowest level in five months.
- It stated that Cardano's price showed a 5% rebound over the same period.
- It analyzed that rebounds tended to begin when investor sentiment weakened.
Cardano (ADA)'s retail investor sentiment has turned bearish, but analysts say this may actually be a sign of a rebound.
On the 6th (local time), CoinDesk cited Santiment data, saying, "This week Cardano's bullish-to-bearish mention ratio was 1.5-to-1, its lowest in five months. Interestingly, Cardano's price this week showed a 5% rebound."
The outlet added, "Historically, Cardano rallies tend to begin when retail investor sentiment is at its weakest. In mid-August, the sentiment ratio also fell to 2-to-1 before a strong rebound followed."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
