Cardano Hits 110M Transactions Amid Bearish Technical Signals
The DeFi and NFTs have propelled Cardano above 110 million transactions. ADA price drops 12.84% to $0.6714, facing bearish technical signals. Nearly 22 billion ADA staked, reflecting strong community...
- The DeFi and NFTs have propelled Cardano above 110 million transactions.
- ADA price drops 12.84% to $0.6714, facing bearish technical signals.
- Nearly 22 billion ADA staked, reflecting strong community engagement.
More than 110 million transactions have been processed on the Cardano blockchain. Cardano’s transaction data from Cardanoscan reveals that there were 110.07 million transactions, which indicates the growth and continuity in using Cardano. In other words, running a lot of transactions on Cardano does not affect fees much, because they stay low at about 25 cents. It is highly efficient, which attracts users and developers to parallel payments. Over 22 billion ADA tokens are now staked in more than 2,992 active pools which means the Cardano network is trusted by many people.
Source- https://cardanoscan.io/
Decentralized finance, non-fungible tokens, and Web3 projects are mainly what raised Cardano’s daily transaction volume to $684.6 million. Polygon processing more transactions is connected to it supporting 2,002 projects, which demonstrates how its ecosystem has developed. Things like BitVMX connecting Bitcoin Ordinals to Cardano add new value to both blockchains. They prove that Cardano networks may expand to the same popularity as Ethereum and Solana.
Bearish Signals Cloud Cardano Price Outlook
Cardano’s network is growing, but its price is going down, currently trading for $0.6714, 12.84% lower than last week. ADA is trading underneath all of its 10-day, 20-day, 50-day, and 200-day moving averages, which are negative signals. This positioning suggests continued downward momentum. Signals of downward movement can also be seen on the charts using the Relative Strength Index and the Moving Average Convergence Divergence indicators.
More traders have taken short-leverage positions, evident from the liquidation map, meaning they expect prices to go lower. There was a 4% rise in open interest for ADA-based derivatives to $945 million, indicating that activity has picked up, and also more people are selling. When the triangle fails, the price may decline, and the support near $0.60 is closely watched.
Broader difficulties in the market are contributing to challenges in Cardano’s price. The decision to allow an ADA Grayscale ETN will soon be made by the SEC, which adds more uncertainty to the market. A poor result could increase sales, but a positive outcome might encourage fresh buying.
What makes Cardano strong is still intact, and recent developments have made it more scalable and able to work with other blockchains. It may attract more customers to the Lace wallet, which could strengthen ADA’s reputation among people interested in crypto. In the last 20 days, a large amount of ADA, worth $289 million, has been acquired by big investors. On account of these observations, Cardano’s ecosystem growth may assist in offsetting short-term price swings.
The use of peer-reviewed development and proof-of-stake validation is what still separates the network from others. Cardano is listed with Bitcoin, Ethereum, XRP, and Solana in a proposed U.S. Digital Asset Stockpile, which demonstrates how important it is. But larger blockchains like Solana and XRP, which have larger market capitalizations, are still a challenge. It is important for Cardano to stay ahead technologically to gain a larger presence in the market.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
