- Cardano’s latest report highlighted the work done by different teams last week.
ADA was down by 1.7% in the last 24 hours, and indicators suggested a few slow-moving days.
As a researcher, I have closely followed the developments in the Cardano [ADA] ecosystem for some time now. Last week was particularly noteworthy as the development activity saw a significant increase. The latest report from Input Output Global highlighted various updates and improvements made to the blockchain by different teams, including the Lace team’s new NFT functionality update and Mithril team’s release of distribution 2418.1.
Last week saw intense work from the Cardano [ADA] development team, leading to a surge in blockchain activity. In their latest weekly report, they showcased the significant strides made by various groups. However, the price trend for ADA took a downturn.
Cardano’s development activity is rising
As a crypto investor, I’ve been keeping an eye on the latest developments with Cardano (ADA). Recently, AMBCrypto analyzed Santiment’s data and brought to my attention some interesting insights. Following a downturn, the development activity within the ADA community has seen a significant surge over the past week. This increase in development activity could be a positive sign for potential growth in the future.
Last week, the number of individuals contributing to the development of the blockchain remained significant. This is indicative of progress being made, as an increased development effort implies continuous improvements for the technology.
Recently, Input Output Global shared their latest weekly update detailing the recent advancements within the Cardano community during the past week.
Initially, the Lace team released an upgrade, Lace v.1.11, which introduces enhanced capabilities for handling NFTs. This update includes the feature that allows users to designate their preferred NFT as their wallet avatar and offers additional functionality.
The Mithril team, a part of ADA‘s scaling group, unveiled distribution version 2418.1. This release focused on mitigating memory fragmentation issues.
In addition to the stated points, the weekly progress update disclosed new figures for the Cardano blockchain. According to the report, the supply of native ADA tokens now exceeds ten million units.
The blockchain’s total number of transactions also exceeded 90 million, which looked promising.
ADA’s bull rally is ending
Last week, I observed intense development activities from the team behind ADA. Simultaneously, bullish investors showed up, contributing to a noteworthy 4% surge in ADA’s value over the past seven-day period.
In contrast to the previous day, ADA experienced a decline of 1.7% in the past 24 hours. As per CoinMarketCap’s latest update, the price of ADA is at $0.4676, and its market capitalization exceeds $16.6 billion.
One potential explanation for the price correction was signaled by the NVT ratio’s surge. This ratio increase suggests that the asset may be overvalued, implying a potential decrease in its price.
As a researcher studying the cryptocurrency market, I’ve observed a notable shift in sentiment towards ADA. The weighted sentiment attached to the token has decreased, indicating that negative sentiments prevailed among investors during this period. Additionally, another bearish indicator, the MVRV ratio, followed suit by dropping on May 19th.
Read Cardano (ADA) Price Prediction 2024-25
Analyzing ADA‘s daily chart at AMBCrypto, we determined if its bull market had concluded. The RSI of Ada, which measures its strength relative to other cryptocurrencies, remained flat around the neutral zone.
The Chaikin Money Flow (CMF) mirrored the same pattern, implying potential calmness in the ADA market for a few more days before any significant volatility returns.
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2024-05-21 07:03