The Cardano (ADA) network has recently achieved a significant milestone in terms of the number of transactions processed. Data from Cardano’s weekly development report indicates that the network has processed 88.6 million transactions to date. This milestone is crucial as sustained network activity can have a positive impact on ADA’s price. The achievement also dispels the notion that ADA is a “ghost chain,” showcasing that people are actively utilizing the network.
The report further reveals that 1,353 projects are actively building on the Cardano network, indicating ongoing expansion as more users come onboard through these projects. Additionally, Cardano’s Fund12 is set to launch on April 26, introducing a decentralized incubator program that will bring in a new wave of developers to the ecosystem. This event highlights Cardano’s potential for exponential network growth and reflects founder Charles Hoskinson’s vision of organic growth similar to Bitcoin.
Considering these positive developments, ADA’s price may be on the verge of a significant upward movement. This potential surge would provide relief to ADA holders who have been concerned about the token’s lackluster price performance. Despite significant price gains in the broader cryptocurrency market, ADA’s price has remained relatively stagnant.
From a technical analysis standpoint, the Cardano ecosystem currently exhibits a bearish trend. Analyst Alan Santana noted that further price declines are likely as ADA’s price lags behind. Santana highlighted a break below the EMA10 on ADA’s weekly chart, accompanied by a strong bearish candle and a red RSI. He suggested that ADA’s price could decline to $0.34 to establish support, advising a bearish stance until market conditions improve.
As of the latest data, ADA is trading around $0.58, showing an increase over the past 24 hours according to CoinMarketCap. The price fluctuation indicates ongoing volatility in the market, with potential for further movement in either direction.
Cardano’s recent achievements and upcoming developments suggest a positive outlook for ADA’s price movement. The network’s increasing transaction volume and expanding project base contribute to its overall growth potential. While technical analysis points to a bearish trend in the short term, market conditions can change rapidly. Investors and traders are advised to conduct thorough research and analysis before making any investment decisions, as risks are inherent in the cryptocurrency market.
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