In the mentioned period, cardano (ADA) showed a clear bearish trend.
The cryptocurrency is showing strength above the $0.50 support.
Cardano (ADA) has seen a significant outflow of capital from centralized exchange platforms, with withdrawals valued at $500 million over the past three months.
This movement, which reduces the supply available on exchanges, It is a key indicator of the long-term confidence of holders in the assetas it suggests the intention to hold and the expectation of future appreciation, rather than selling in the short term.
Paradoxically, the massive withdrawal activity occurs in a period of bearish performance for the asset. In mid-August, ADA was trading around $1.02. On the current day, its price stands at $0.59, which represents an approximate drop of 42% in the quarter analyzed.
The chart shows that the price remained in a sideways range between $0.80 and $1.00 for most of August and early September. Strong selling pressure became evident around October 10, causing a vertical drop in price. Since then, the digital asset has sought to stabilize, trading primarily in the $0.60 to $0.75 range before its most recent pullback.
Despite the quarterly decline, cryptocurrency shows notable resilience by staying above the $0.50 thresholda psychological and technical level crucial for its price stability.
Despite the difficult market outlook, the development of the Cardano network maintains its trajectory of growth and technical improvement. Last week, CriptoNoticias reported about Ouroboros Phalanx, an update, which if implemented, could strengthen the security of the protocol and speed up the completion of transactions by approximately 30%.