The Cardano (ADA) network has recently reached a new milestone, processing over 88.6 million transactions to date. This achievement is significant as it showcases sustained network activity which can have a positive impact on ADA’s price. The network has often been criticized as a “ghost chain,” but this milestone proves that there is active usage happening within the network.
In addition to the milestone, the latest weekly development report also revealed that 1,353 projects are actively building on the Cardano network. This influx of projects signifies the expansion of the network as more users get onboarded through these initiatives. With Cardano’s Fund12 set to launch on April 26, the decentralized incubator program will bring in a new wave of developers into the ecosystem, further fueling network growth.
With these bullish fundamentals in place, the stage is set for ADA’s price to potentially make a significant move to the upside. This would come as a relief to ADA holders who have been concerned about the token’s lackluster price performance in comparison to the broader crypto market. Despite the overall market seeing massive price gains, ADA has remained tepid.
From a technical standpoint, Cardano’s price action currently appears bearish. Analysts like Alan Santana have noted that further price declines may be on the horizon, with ADA’s price lagging behind. Santana pointed out a break below the Exponential Moving Average 10 on the weekly chart, accompanied by a strong bearish candle and a red Relative Strength Index. He mentioned a possible drop to $0.34 in order to establish support, advising a bearish stance until market conditions change.
At the time of writing, ADA is trading at around $0.58, showing an upward trend in the last 24 hours according to CoinMarketCap data. While the price may have experienced some volatility, the overall sentiment remains cautiously optimistic about the potential for ADA’s price to surge in the near future.
The Cardano (ADA) network’s recent achievements and bullish developments point towards a potential upside in the token’s price. With a growing number of projects building on the network and ongoing efforts to expand its ecosystem, Cardano is positioning itself for further growth and success in the crypto space. Investors and holders are advised to keep a close eye on market developments and conduct their own research before making any investment decisions.
Leave a Reply