ADA’s development activity also plummeted last week, along with its price. However, there are chances of a trend reversal.
’s development activity dropped, network activity remained high. This was evident from the stable number of daily active addresses.
ADA’s transaction volume also remained relatively high. However, its velocity declined, meaning that ADA was used in transactions more often within a set time frame.The recent market trend has restricted most cryptos’ prices from going up. Like others, ADA’s price also plummeted substantially. As perAt press time, it was trading at $0.2639 with a market capitalization of $9.2 billion.
The price drop caused an increase in negative sentiment around the token in the market. Cardano’s popularity also fell as its social volume went down. However, the bearish price trend might end soon, as ADA’s Open Interest declined over the last few days. Additionally, its Binance funding rate was also red, suggesting that the ongoing price trend might change.In fact, ADA’s daily chart had already turned green as the price moved up marginally. Cardano’s Money Flow Index supported the possibility of a trend reversal as it registered an uptick. However, the rest of the indicators were still bearish.
’s MACD displayed a bearish upper hand in the market. Additionally, its Chaikin Money Flow went down from the neutral mark, which looked concerning.
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