- Cardano was down by over 9% in the last 24 hours.
- Indicators hinted at a continued price decline.
As a researcher with experience in analyzing cryptocurrency markets, I’ve been closely monitoring Cardano’s [ADA] price movements and development activity. Last week, ADA displayed high developer activity as indicated by Santiment’s Dev Activity Contributors Count. However, the Development Activity took a downturn. This trend was also reflected in Input Output Global’s weekly development report, which highlighted improvements and new features released by various Cardano teams.
In the past day, there was a significant increase in the cost of Cardano’s [ADA], leading to a subsequent drop in price. Similarly, the level of development activity on its blockchain experienced a decrease.
Cardano’s weekly development
According to AMBCrypto’s interpretation of Santiment’s findings, the number of contributors to Cardano (ADA) development tasks stayed elevated during the previous week. In contrast, there was a decrease in the actual development activity.
As a researcher, I’d like to share that alongside the latest weekly development report from Input Output Global, various Cardano teams have been highlighted for their accomplished tasks.
According to the report I’ve analyzed, the Lace team unveiled version 1.12, bringing along several enhancements and an essential new functionality. With this update, users can now opt for various fiat currencies to finance their wallets using the provided service.
As a crypto investor following the developments in the Cardano ecosystem, I’m excited to share that this week brought some significant updates from two key teams. The Plutus crew rolled out version 1.29.0.0 of their libraries, which is an essential component for building smart contracts on the Cardano blockchain. On the other hand, the Mithril team continued working diligently to integrate the certification of Cardano transactions into their networks. This means that we’re one step closer to seamless interaction between Plutus and Mithril, which could lead to more opportunities for developers and users alike in the Cardano ecosystem.
In the report, it was indicated that the Cardano blockchain’s transaction and token statistics had been revised. Specifically, the platform processed over 91 million transactions in total, and the count of its indigenous tokens surpassed the 10 million mark.
Additionally, 171 projects have been launched on the blockchain to date.
ADA turns bearish
While developers worked on multiple projects, ADA turned volatile.
I experienced an exhilarating rise in my crypto token’s value on the 8th of June, reaching a peak price of $0.487. However, this uplifting trend proved to be fleeting as bearish forces regained control and drove down the token’s price once more.
According to CoinMarketCap, ADA was down by more than 9% in the last 24 hours.
In my current composition, the cryptographic token was priced at $0.4354 during my penning and possessed a market value exceeding $14 billion, earning it a spot among the top ten largest digital currencies.
After examining the data from AMBCrypto, we found that the price correction caused various metrics to shift. According to our interpretation of Santiment’s information, the MVRV ratio for Cardano decreased due to the market downturn.
On the 7th of June, the speed at which ADA was utilized in transactions decreased, implying fewer instances of its usage within a given period.
Despite this, the number of daily active addresses on the blockchain network continued to rise, resulting in persistent network activity.
An in-depth examination of Cardano’s daily chart by AMBCrypto uncovered potential signals suggesting a possible price hike. However, our findings indicated that the Moving Average Convergence Divergence (MACD) presented a bearish crossover instead.
The Relative Strength Index (RSI) of the asset experienced a significant decrease, implying a higher likelihood of continued price decline.
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2024-06-09 11:03