- ADA dropped by 13% over the past 24 hours
- A further decline in price was predicted by technical indicators
Cardano [ADA] Today, it was in the headlines after revealing its highlights for March. It’s important to note that this is not the sole reason for its popularity. It was also for the wrong reasons, as ADA’s stock dropped 13% after the crash of the stock market.
Cardano does well on the dev front
AMBCrypto’s analysis of Santiment data showed that the development was not as expected. work Cardano activity has continued to be high. Its dev activity graph showed this, which remained high and steady in March.
Santiment
Cardano developer Input Output posted a X. thread Sharing is easy The developers’ efforts during the month-end of Q1. According to the same, teams have released Cardano Node v.8.9.0 which introduces Genesis Lite Bootstrap Peers, recertifying a problem in order to improve performance.
The Mithril Team also released Mithril Distribution 2408.0 which includes stake Distribution improvements, among others. The report mentions that ADA transactions have increased in total by 2.3 millions over the past month. In March, Cardano’s blockchain was also home to three new projects.
Cardano faces the wrath of bears
Cardano ended March with its price falling to $0.64, which was a small decline compared to its beginning. Investors also had bad news in April as the price of Cardano tokens dropped 13% within 24 hours.
As per CoinMarketCapADA’s price was $0.5071 at the time this post went to press, with a capitalization over $18 Billion, which made it the 10th biggest crypto. In April, the price of ADA was likely to fall further as all metrics were indicating a bearish trend.
Santiment data analysis revealed that Cardano MVRV has dropped dramatically. It was at -18% when we were at press time. As can be seen from its drop in weighted sentiment, the sentiment around ADA has also become bearish. The token’s ratio of NVT also spiked. An increase in this metric indicates an overvalued asset, which could indicate a future price decrease.
Santiment
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
Cardano’s chart was then examined to check if any indicators pointed towards an even further decline in price. ADA’s MACD showed a clearly bearish market.
Also, on April 12, the Chaikin Money Flow registered a significant decline. The two technical indicators all supported sellers. They indicated that ADA might drop in value over the next couple of days.
TradingView
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
