The recent data from Cardano’s weekly development report indicates that the network has processed a total of 88.6 million transactions to date. This milestone is significant as it demonstrates the sustained network activity that could potentially have a positive impact on ADA’s price. One of the criticisms Cardano has faced in the past is being labeled as a “ghost chain,” but this achievement dispels that notion by proving that people are actively using the network.
According to the report, there are currently 1,353 active projects building on the Cardano network. This suggests that the network will continue to expand as more users come on board through these projects. The upcoming launch of Cardano’s Fund12 on April 26 further emphasizes the potential for exponential growth in the network. The decentralized incubator program aims to bring in a new wave of developers into the Cardano ecosystem, highlighting the network’s organic growth similar to Bitcoin.
With these bullish developments, ADA’s price seems well-positioned for a significant upward move. This would be a welcomed relief for ADA holders who have been concerned about the token’s lackluster price performance despite the overall bullish trend in the crypto market. However, from a technical analysis perspective, the Cardano ecosystem currently appears to be bearish. Analysts have noted that further price declines could be on the horizon, with ADA’s price potentially dropping to as low as $0.34 to establish support.
Technical analyst Alan Santana has highlighted the importance of monitoring market conditions and the chart’s performance to determine the appropriate trading strategy. He suggested that remaining bearish on ADA until support is found and established could be the prudent decision. Once a clear support level is identified, a shift to a bullish stance may be warranted. At the time of writing, ADA is trading at around $0.58, showing some positive movement in the last 24 hours.
The recent milestones achieved by Cardano, such as the significant number of transactions processed and the expansion of projects on the network, point towards a bright future for ADA. While there may be short-term bearish signals in terms of technical analysis, the overall outlook for Cardano appears optimistic. Investors are advised to conduct their own research and consider the risks involved before making any investment decisions related to ADA or any other cryptocurrencies.
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