Cardano: Is the blockchain’s effort to push ADA’s price just another ‘fool’s errand’
After the much-anticipated Vasil hardfork that was pushed earlier in September, Cardano [ADA] struggled to register any promising gains. The episode was quite the opposite of what the community expected, as people thought ADA’s price would surge after the...
After the much-anticipated Vasil hardfork that was pushed earlier in September, Cardano [ADA] struggled to register any promising gains. The episode was quite the opposite of what the community expected, as people thought ADA’s price would surge after the hardfork.
However, at the time of writing, ADA’s price was over 4.5% less than last week and was trading at $0.4225 with a market capitalization of $14,472 billion. Interestingly, Cardano developers recently pushed yet another update called the koios-go-client v2.0.0 update.
Though this new release can be considered as a positive signal for the blockchain, the question is whether it can be enough to fuel ADA’s next bull rally?
koios-go-client v2.0.0: https://t.co/AYXiR5dUEC
v2.0.0
Released by mkungla – cardano-community#Cardano $ADA
— Cardano Updates (@cardano_updates) October 3, 2022
Nothing ever seems enough
Despite the positive development in the ecosystem, a look at ADA’s metrics suggested darker days ahead. Most metrics pointed in the direction of a price decline.
For instance, ADA’s 30-day Market Value to Realized Value (MVRV) Ratio registered a downtrend, suggesting that the price could fall further in the days to come. ADA’s volume also followed a similar pattern and decreased considerably over the last week.
However, at the time of writing, the volume registered a slight uptick. Not only this, but ADA’s development activity also declined. This too could be considered as yet another red flag for a blockchain, as it reflected reduced efforts of developers to improve the network.
Source: Santiment
A future with ADA?
LunarCrush recently revealed an interesting development on Twitter. According to the tweet, ADA was among the top cryptocurrencies on the platform in terms of trending searches. This development looked promising as it suggested increased interest from investors in the cryptocurrency.
Top 10 current trending searches🔍 on https://t.co/S43WsovN9f
1️⃣ $lunc
2️⃣ $lunr
3️⃣ $xrp
4️⃣ $glmr
5️⃣ $btc
6️⃣ $uni
7️⃣ $eth
8️⃣ $quack
9️⃣ $ada
🔟 $ustc
Insights: https://t.co/UNeDWhgFqg pic.twitter.com/GJg1RZT8l9
— LunarCrush (@LunarCrush) October 2, 2022
However, this development didn’t make it to ADA’s metrics, as Santiment’s data showed that ADA’s social mentions decreased considerably over the last few days.
Source: Santiment
However, CryptoQuant’s data looked a bit more promising and gave investors hope for better days ahead. ADA’s Relative Strength Index (RSI) was in a neutral position, suggesting that the market could head in any direction.
Moreover, ADA’s stochastic revealed that ADA was in an oversold position, which might help the coin increase its value in the days to come.
Source: CryptoQuant
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
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