ada Cardano [ADA] logs high development activity, but it’s not all good news for investors – Cardano witnessed a spike in terms of development activity over the last month.- Overall interest in the protocol and its dApps increased, but ADA remained unaffected.Data from Santiment indicated that there has been a significant surge in development activity for Cardano [ADA] over the past 30 days.This finding suggested an increased effort to improve the project’s technological infrastructure and potentially enhance its market competitiveness.🧑💻 Top 3 #crypto asset development activity: notable #github commits, past 30 days: T1) #Polkadot $DOT T1) #Kusama $KSM 3) #Cardano $ADA Read our insight on the top 20 as we explore why notable #github activity tracking can be such a great aid.👇https://t.co/gZHahGsIcb pic.twitter.com/vq0clhjALw — Santiment (@santimentfeed) April 27, 2023 Is your portfolio green? Check out the Cardano Profit Calculator Additionally, the data also indicated that developers were working on implementing new features and improvements to the Cardano blockchain.
Coupled with a spike in development, the daily active addresses on the network also increased.According to Tap Tools’ data, in the last 24 hours, the activity on the network surged by 90.79%.
One of the reasons for the high activity on the Cardano network could be the performance of the dApps on the network.According to DappRadar, dApps such as Miniswap, Wingriders, and SundaeSwap, observed a surge in unique active addresses on their respective protocols over the last month Miniswap, one of the most popular DEX’s on the protocol, also witnessed a hike of 9.27% in terms of transactions being made on the network over the past week.At press time, the number of transactions being made was 134,730 with a volume of $59.56M.The high activity and interest resulted in the rise of Cardano’s TVL.Based on DefiLlama’s data, Cardano’s TVL surged from $128 million to $155.88 million during the past month.It’s not all good news! Despite the positive developments on the protocol, the number of stakers on the Cardano network declined.This decline could be attributed to the decreasing revenue generated by the stakers.Over the last seven days, the revenue generated by Cardano stakers fell by 12.24%.
Realistic or not, here’s ADA’s market cap in BTC terms Cardano’s native cryptocurrency ADA wasn’t having a positive time either.With a slump in prices, the token also witnessed a decline in velocity, implying that the number of ADA transfers fell as well.Subsequently, ADA’s volume was impacted and it dropped from 770 million to 525.66 million in the last few weeks.Leave a Reply [Cancel reply](/news/cardano-ada-logs-high-development-activity-but-its-not-all-good-news-for-investors/#respond) Leave a Reply – Cardano reveals its plans with Aiken, its open-source smart contract language and toolchain – ADA struggles to sustain bullish momentum, a possible downside to support.
Everyone has been waiting to see if Cardano will finally live up to its potential.There was a lot of excitement behind the launch of its smart contract capabilities in 2o21.Unfortunately, that hype was not backed by robust growth as previously expected.Is your portfolio green? Check out the Cardano Profit Calculator Thus, Cardano is taking another shot at perfecting its smart contract game, only this time it is less hyped.
Also, it might give Cardano the much-needed leg-up in attracting more network growth and development.The network aims to achieve this through a Cardano smart contract language and toolchain called Aiken.1/ Recently @Cardano has launched Aiken’s alpha phase, an open-source smart contract language & toolchain to simplify and enhance the development of smart contracts on the platform 🛠️ Let’s dive in and see what this means for smart contract development 🧵👇 pic.twitter.com/JwTavqb2YQ — Luganodes (@luganodes) April 26, 2023 Cardano just launched the Aiken alpha phase which it hopes will speed up the rate of development on the network.Speaking of developments, Cardano’s development activity slowed down in the first half of April before bouncing back in the second half.To put Cardano’s latest development activity into perspective, the latest Github data revealed that it came in third in the list of top 10 GitHub daily development activity.GitHub Daily Development Activity: #1: 835 Polkadot / Kusama #2: 702 Internet Computer #3: 609 Cardano #4: 587 Hedera #5: 488 Ethereum #6: 465 Status #7: 460 ChainLink #8: 427 MultiversX #9: 405 Decentraland #10: 389 Cosmos pic.twitter.com/DYv3Ve5Irz — ProofofGitHub (@ProofofGitHub) April 26, 2023 ADA bulls struggle to bounce back A look at some of ADA’s on-chain data revealed that investors have been losing interest in ADA for the last four weeks.A perfect example of this observation was the decline in the weighted sentiment which recently hit its monthly low on 22 April.It was still near its current monthly low, confirming that investor interest was yet to recover.
However, the altcoin at least registered a slight gain in the total amount of holders from the start of April up until 18 April when this metric fell off to a new monthly low.ADA achieved a strong surge in daily active addresses in the last two days.This reflected the bullish momentum that was observed in most of the top coins during the same period.
Its price action reacted positively, especially in the last 24 hours, during which an uptrend was observed.ADA’s slight upside was short-lived as sell pressure undid its previous gains.It traded at $0.39 at the time of writing.How many are 1,10,100 ADAs worth today ADA has managed to hold on to most of its year-to-date gains, despite its bearish performance since mid-April.It has been trading in an ascending price pattern and still has room for some more downside before retesting its YTD support.
Cardano was one of Wednesday’s big movers, as bullish sentiment returned to cryptocurrency markets.Spurred by an apparent collapse of First Republic Bank, the global crypto market cap moved 7% higher, as of writing.Solana was also in the green, rising by nearly 9%.Cardano (ADA) Cardano (ADA) rose by as much as 9% on Wednesday, as bullish sentiment returned to cryptocurrency markets.
Following a low of $0.38 on Tuesday, ADA/USD raced to an intraday high of $0.4166 earlier in today’s session.Today’s surge in price saw cardano climb to its highest point in six days, since when the token was trading above a ceiling at $0.4200.Looking at the chart, Wednesday’s move came as the relative strength index (RSI) broke free of a resistance level at 53.00.At the time of writing, the index is now tracking at 55.12, with an upcoming ceiling of 58.00 a potential target for bulls.
Should this point be hit, there is a strong possibility that ADA will move back above its aforementioned point of resistance.Solana (SOL) Additionally solana (SOL) was another notable mover on Wednesday, as the token was also nearly 9% higher.
SOL/USD rose to a peak of $22.92 earlier in the day, after almost breaking out of a floor at $20.00 the day prior.As a result of today’s gains, solana is now on the cusp of colliding with its long-term ceiling at $23.00.
Although the RSI has risen above a ceiling at 50.00 in today’s session, it will need to move beyond the 55.00 mark in order to reach the above target.As of writing, price strength is tracking at 52.97, with solana now trading at the $22.71 mark.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Can solana extend today’s rally for the remainder of the week? Let us know your thoughts in the comments.Eliman Dambell Eliman was previously a director of a London-based brokerage, whilst also an online trading educator.
Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Cardano (ADA) coin has captured the interest of investors and holders with its recent price drop below the $0.40 mark on April 25.This notable price dip left everyone wondering if Cardano (ADA) will break this barrier, which has proven significant in recent trading sessions.
However, today April 26, the general market is recovering as the global market cap gained over a 4.5% increase in 24 hours.The marker-wide rally has pushed ADA back to the $0.40 mark with a massive gain of 6.93% in 24 hours.Related Reading: Solana (SOL) Plunges Over 13% – Will It Bounce Back? The ADA price has been trending downward for the past 7 days, and the coin is finally gaining momentum.
Only time will tell if Cardano ADA can surpass the $0.41 resistance level and trade above it in the coming days.ADA Price Trend The recent price fluctuation in the crypto market harmed Cardano (ADA)’s price, causing a significant loss in its market capitalization.The Cardano market cap is currently at $13.9 billion with a $267 million 24-hour trading volume.According to CoinMarketCap data, Cardano (ADA) is now the seventh biggest cryptocurrency.Cardano’s price drop yesterday, April 25, may have been caused by several variables, such as market sentiment generally and shifts in investor perceptions.Also, the fluctuations in trading volume, regulatory announcements, or market news that impacted the cryptocurrency market may have played a huge role too.
The chart below shows the potential support and resistance levels for Cardano (ADA) in 2023.While buyers are trying to build a bullish momentum, ADA is still found at the $0.40 zone and might break the support zone of $0.38 if the sellers increase the selling pressure.The $0.38 level of support has maintained steady during the retest earlier this week and can act as a driving force for a higher valuation.Cardano’s price may surpass its resistance level of $0.42 if the bulls completely control the market.On the other hand, if bears take control of the trend, ADA’s price could fall below $0.30 and might hit $0.2777 Cardano (ADA) Price Prediction The Simple Moving Average (SMA) indicates a potential trend reversal as the 50-day SMA changes directions.
The 50-day SMA is trying to cross below the 200, forming a death cross.This action may generate a bearish signal and indicate a potential selling opportunity.The Relative Strength Index (RSI) is above the neutral level and is heading toward the overbought zone, which might ignite a potential price correction.
The MACD line is above the signal line, indicating a potential buy opportunity.The histogram is slightly above the zero line and is also increasing in size; this means bullish momentum.Featured image from Pixabay and chart from Tradingview.com Eli Dambel Eli brings an eclectic point of view to market analysis.Currently, he writes about various asset classes, including Crypto and Stocks.Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system.He also thinks Bitcoin will become universal currency in the near future.You can follow Eli on Twitter: @EliDambel Top posts brics3 hours ago Russian Foreign Minister Sergey Lavrov States De-Dollarization ‘Can No Longer Be Stopped’ Russian Foreign Minister Sergey Lavrov has spoken on the current shift to national currencies and the de-dollarization international markets are…Binance Coin4 hours ago BNB Price Lacks Momentum Above $335 But Dips Likely To Be Limited BNB price (Binance coin) faced a major resistance near $345 against the US Dollar.
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