Cardano's public opinion plummets to a five-month low, with ADA desperately holding onto a significant price benchmark.

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In a recent analysis posted by the on-chain analytics firm Santiment, a shift in the retail sentiment towards a more negative stance in the Cardano community has been observed. This negative sentiment, according to Santiment, is the most pronounced in the past five months.

The analysis, documented in an X post and accompanied by a chart, shows that the short-term price path into Cardano's recent rebound has been marked by a three-week downswing that began around August 14. This downswing follows a spike in "greed" in early August, as indicated by a bullish-to-bearish ratio of roughly 12.8:1 in Santiment's chart.

Despite this negative sentiment, Santiment encourages patience among holders and dip buyers. They suggest that the trend of bearish retailers should continue, which could provide opportunities for buyers. This contrarian view is in line with Santiment's framing of the shift in Cardano's retail sentiment, suggesting that prices typically move opposite to the crowd's expectations.

Cardano's asset, represented by the ticker ADA, has rebounded about five percent from its late-August lows. The rebound is tracking an ascending channel that has contained price action since mid-June. The 0.382 Fibonacci retracement, near $0.821, has acted as first support and the immediate "decision point" for ADA.

Below the 0.382 Fibonacci retracement, the same mapping highlights the 0.309 retracement around $0.762 and the 0.236 near $0.702 as deeper pullback areas. It is important to note that the post does not specify the time frame for the trend of bearish retailers to continue.

Santiment's graphic shares ADA's price against a running ratio of bullish versus bearish social commentary. The most recent reading in Santiment's chart, around 1.5:1, coincided with ADA's +5% bounce. In contrast, the mid-August "fear" pocket had a bullish-to-bearish ratio near 2.0:1.

Quantum Ascend ties the ADA bounce to a higher-time-frame structure. However, the post does not provide any further information about who the key stakeholders are in the Cardano market that accumulate and drive up prices when small traders sell off out of impatience and frustration.

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