- Cardano received the most votes from public for best L1 Network Award.
- ADA is one of the laggards on the cryptocurrency market.
Cardano [ADA] It was the frontrunner in the race to win the Best Layer-1 (L1) Network Award at the much-anticipated Blockchain Life Forum taking place in Dubai.
AMBCrypto found out via the official event website that the smart contracts network had received 2,015 votes. voting portal.
Cardano is miles ahead of other powerhouses, like Ethereum [ETH] The following are some examples of how to get started: Solana [SOL]Just 484 and 161 voters could be found at the time of writing.
After ten days, the public would vote again. The chain that receives the highest number of votes will be declared winner after this period.
A prominent Cardano community member The award will give the native token ADA and the ecosystem a boost. “big visibility boost.”
You could even say that this token needed a major bullish stimulus.
Underperformance: A story
ADA is one of the laggards on the cryptocurrency market.
The ninth-largest cryptocurrency recorded a loss of 3.41% over the last month. CoinMarketCap.
On a yearly basis (YTD), it has only seen gains of 6.6%.
AMBCrypto analyzed Santiment’s Santiment Data and determined that the profit percentage for ADA has dropped to 76% from 82% over the past two weeks.
Whales also noticed the underperformance and seemed to give up the coin.
The number of wallets holding between 1,000–100,00 coins dropped considerably over the month, meaning that they were selling.
Santiment
Can ADA go lower?
AMBCrypto analyzed some of ADA’s most important technical indicators in order to understand the potential. next moves.
The Relative Strength Index was just below neutral line 50. The previous attempts to breach this level were unsuccessful. The move beyond 60 may give traders more confidence.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
The On Balance Volume displayed a downward divergence from the price movement, suggesting that upward momentum may be about to lose its strength.
Moving Average Convergence Divergence(MACD) could drop below the signal line during future sessions of trading, causing ADA’s price to fall.
TradingView
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Source: ambcrypto.com
