Cardano (ADA) Faces Challenges Amidst Market Downturn

卡爾達諾（ADA）在市場低迷中面臨挑戰

Cardano (ADA), a prominent layer-1 blockchain network, is navigating a challenging period marked by significant market value declines and a drop in its cryptocurrency rankings. Recently, ADA slipped to the tenth position in terms of market capitalization after experiencing a steep price correction.

卡爾達諾（ADA）是一個著名的第一層區塊鏈網絡，它正在經歷一個充滿挑戰的時期，其特點是市值大幅下降，其加密貨幣排名也有所下降。最近，ADA在經歷了急劇的價格調整後，市值滑落至第十位。

Over the past month, the price of ADA has plummeted by approximately 28 percent and has registered a near 22 percent loss since the beginning of the year, as reported by CoinMarketCap. While this decline reflects broader trends in the cryptocurrency market, it also highlights specific challenges facing Cardano.

根據 CoinMarketCap 報道，過去一個月，ADA 的價格暴跌約 28%，自年初以來已下跌近 22%。雖然這種下降反映了加密貨幣市場的更廣泛趨勢，但它也凸顯了卡爾達諾面臨的具體挑戰。

Profitability Comparison with Other Cryptocurrencies

與其他加密貨幣的獲利能力比較

According to Coin Edition, recent insights from IntoTheBlock indicate that only around 35 percent of Cardano (ADA) holders are currently in profit. This figure stands in stark contrast to the profitability rates of other leading cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), where 86 percent and 81 percent of holders, respectively, are seeing gains.

根據 Coin Edition 報導，IntoTheBlock 的最新見解表明，目前只有約 35% 的卡爾達諾 (ADA) 持有者獲利。這一數字與比特幣 (BTC) 和以太坊 (ETH) 等其他領先加密貨幣的盈利率形成鮮明對比，其中 86% 和 81% 的持有者分別看到了收益。

This disparity has amplified concerns regarding Cardano's demand and appeal, particularly as the number of investors experiencing losses grows.

這種差異加劇了人們對卡爾達諾需求和吸引力的擔憂，特別是隨著遭受損失的投資者數量增加。

ADA's market performance has also impacted its standing in comparison to other cryptocurrencies. Over the past month, ADA has been overtaken in terms of market value by Dogecoin (DOGE) and Toncoin (TON).

ADA 的市場表現也影響了其與其他加密貨幣相比的地位。過去一個月，ADA 的市值已被狗狗幣 (DOGE) 和 Toncoin (TON) 超越。

Furthermore, the average unrealized loss across the network has widened to 15.71 percent, implying that if ADA holders were to sell their assets at the current market price, they would incur an average loss of 15.71 percent. This metric underscores the loss of value and investor confidence in the asset.

此外，全網平均未實現損失擴大至 15.71%，這意味著如果 ADA 持有者以當前市場價格出售資產，他們將遭受 15.71% 的平均損失。該指標強調了價值的損失和投資者對資產的信心。

Declining On-Chain Activity

鏈上活動下降

ADA's market value decline has been compounded by a noticeable drop in on-chain activity. Data from Santiment reveals that daily active addresses on the Cardano network have plummeted from over 70,000 at their peak to around 30,000 currently.

鏈上活動的顯著下降加劇了 ADA 市值的下降。 Santiment 的數據顯示，Cardano 網路上的每日活躍地址已從高峰時的 70,000 多個驟降至目前的 30,000 左右。

This decrease in the number of active addresses is a clear indicator of declining engagement and transaction volume, which can further impact the network's vitality and attractiveness to new users.

活躍地址數量的減少是參與度和交易量下降的明顯指標，這可能會進一步影響網路的活力和對新用戶的吸引力。

Despite these setbacks, it is important to consider the cyclical nature of cryptocurrencies and the potential for ADA's recovery. Historical trends suggest that ADA may enter a super cycle in 2025, potentially propelling it to new highs.

儘管遇到這些挫折，重要的是要考慮加密貨幣的周期性和 ADA 復甦的潛力。歷史趨勢表明，ADA 可能會在 2025 年進入超級週期，並有可能推動其再創新高。

This projection is based on patterns observed following significant events in the cryptocurrency space, such as the Bitcoin halving in 2020.

該預測基於加密貨幣領域重大事件（例如 2020 年比特幣減半）後觀察到的模式。

However, investor sentiment towards ADA remains tepid at present. Analysis from Santiment reveals that large-scale holders, or whales, have become net sellers, consistently reducing their holdings over the past few months.

然而，目前投資者對 ADA 的情緒依然不溫不火。 Santiment 的分析顯示，大型持有者或鯨魚已成為淨賣家，在過去幾個月中持續減持。

This trend indicates a lack of substantial buying interest even as prices decline, raising questions about the long-term commitment of large investors to the network.

這一趨勢表明，即使價格下跌，仍缺乏大量購買興趣，引發了人們對大型投資者對該網路的長期承諾的質疑。

ADA/USD Price Action

ADA/美元價格走勢

Focusing on the ADA/USD price action, the 4-hour chart reflects the prevailing bearish sentiment. After hitting a crucial price level on April 12, ADA experienced a sharp 32.15 percent decline.

關注 ADA/美元 價格走勢，4 小時圖反映了普遍的看跌情緒。在 4 月 12 日觸及關鍵價格水平後，ADA 經歷了 32.15% 的大幅下跌。

Currently, the price is trading around the 38.20 percent Fibonacci retracement level. If ADA can close above this level, it could signal a potential reversal of fortune, potentially pushing it towards the 50 percent Fibonacci level and above existing resistance levels.

目前，價格交易在 38.20% 斐波那契回檔位附近。如果 ADA 收盤價能高於該水平，則可能預示著命運可能發生逆轉，有可能將其推向 50% 的斐波那契水平並高於現有阻力位。

Conversely, if ADA continues to move lower and closes below the 38.20 percent Fibonacci level, it could indicate further downside. Such a move could see it retesting lower support levels.

相反，如果 ADA 繼續走低並收於 38.20% 斐波那契水平以下，則可能表明進一步下跌。此舉可能會導致其重新測試較低的支撐位。

A decisive break below this support could lead to further downward momentum, aligning with the bearish target.

果斷跌破該支撐位可能會導致進一步下行勢頭，與看跌目標一致。