Bullish Social Sentiment for Tezos and Cardano is Waning

Social engagement around Tezos and Cardano is tiring, spelling trouble for their token prices in the short-term.

Key Takeaways

  • Tezos and Cardano’s social engagement metrics have exploded over the past six months.
  • However, more recent engagement metrics show that enthusiasm for XTZ and ADA is waning, a sign that momentum is getting exhausted.
  • The drastic change in the global economic landscape stemming from COVID-19 could also impact the optimism around these altcoins.
  • Due to the unpredictability of the crypto market, both XTZ and ADA are contained within no-trade zones. A breakout is necessary to confirm the direction of the trend.

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Six month community engagement around Tezos and Cardano has been outstanding, showing the potential for bullish price movement. Though, seven-day sentiment is not so optimistic.

Cardano and Tezos Social Metrics are Changing

Over the past six months, Tezos and Cardano’s social engagement metrics are through the roof, according to crypto insights provider LunarCRUSH. The California-based firm reported that more than 75% of all the social interactions, across multiple platforms, has been bullish about these two altcoins.

Tezos saw more than 700 million social engagements throughout this period while Cardano had over 620 million engagements, staggering numbers considering that there are only about 30 million people who own cryptocurrency.

Tezos vs. Cardano Social Activity by LunarCRUSH

LunarCRUSH takes into consideration the depth of community interaction across all social posts. These include favorites, likes, comments, replies, and other metrics. By analyzing these metrics, the company maintains that the XTZ and ADA community have remained overwhelmingly bullish over the last six months.

Nonetheless, the state of commotion in the global financial markets could still spill over to these tokens.

In contrast, data from The TIE, an institutional sentiment analysis firm, shows that daily sentiment has started to wane. Over the last…

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