Cardano’s ADA experienced a significant price decline of over 9% in the last 24 hours. This decline was in line with indicators that hinted at the possibility of a continued price drop. Despite a massive price rise, the blockchain’s development activity also saw a decrease, according to Santiment’s data analysis by AMBCrypto. While the Dev Activity Contributors Count remained high, the Development Activity dropped.
Input Output Global released its weekly development report, showcasing the work done by different Cardano teams. The Lace team released v.1.12 with various improvements and a new feature that allows users to fund their wallets with fiat currencies. The Plutus team released version 1.29.0.0 of the Plutus libraries, and the Mithril team continued implementing the certification of Cardano transactions in Mithril networks. The report also highlighted updated statistics on the Cardano blockchain, including the number of transactions exceeding 91 million, native tokens exceeding 10 million, and 171 projects launched on the blockchain to date.
Despite the ongoing development work, ADA turned bearish as its price surged to $0.487 on June 8th, only to be followed by a price drop due to bearish market sentiments. CoinMarketCap reported a decline of more than 9% in ADA’s price, with the token trading at $0.4354 at the time of writing. While the MVRV ratio dropped and velocity declined, the network activity remained high, with an increase in daily active addresses.
AMBCrypto performed a detailed analysis to see if indicators on ADA’s daily chart suggested a potential price increase. The MACD displayed a bearish crossover, and the Relative Strength Index (RSI) registered a sharp downtick, pointing towards a further downtrend. Investors were advised to check out the ADA Profit Calculator to assess the status of their portfolios.
In conclusion, Cardano’s ADA faced a price decline and bearish market sentiment, despite ongoing development efforts and high network activity. The bearish indicators on the daily chart suggested a potential further price drop. With the crypto market remaining volatile, investors were advised to stay updated on the latest developments and monitor the indicators closely for making informed investment decisions.
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