Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Reading: Cardano Sees 90% Increase in Daily Active Addresses, What Does It Mean to ADA Price?
Share
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Reading: Cardano Sees 90% Increase in Daily Active Addresses, What Does It Mean to ADA Price?
Share
  • bitcoinBitcoin(BTC)$25,770.00
  • ethereumEthereum(ETH)$1,818.60
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$279.36
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.51
  • staked-etherLido Staked Ether(STETH)$1,817.46
  • cardanoCardano(ADA)$0.354700
  • dogecoinDogecoin(DOGE)$0.066762
  • solanaSolana(SOL)$20.11
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Blockchain
  • VOC Explained
Search
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > Cardano Sees 90% Increase in Daily Active Addresses, What Does It Mean to ADA Price?
News

Cardano Sees 90% Increase in Daily Active Addresses, What Does It Mean to ADA Price?

Adekunle Joshua
Last updated: 2023/03/25 at 6:59 AM
Adekunle Joshua Published November 25, 2022 March 25, 2023
Share
Cardano

Key Insights

  • The price action of Cardano has been on a severe slump throughout November. 
  • The bears have dominated Cardano’s charts with an iron hand throughout November.
  • However, the ADA network has seen a 90% increase in daily active users.

 

Contents
Key InsightsCardano Sees 90% Increase in Daily Active AddressesCardano (ADA) Price Analysis

The price action of Cardano has been on a severe slump throughout November. The technicals on the ninth largest cryptocurrency by market cap show mixed signals as the market consolidates and tries to recover from the after-effects of FTX’s collapse.

The technical indicators on Cardano, for example, point to a comeback as the price consolidates. At the same time, on-chain data implies that investors are starting to consider locking in their profits as quickly as possible. To determine ADA’s likely future move, key levels have been established.

The bears have dominated Cardano’s charts with an iron hand throughout November, leading to the self-described “Ethereum killer” losing 30% of its already weakened market value over the last 20 days. Crashing from a price above the $0.3 mark, Cardano hit a yearly low of $0.2995 and has since managed to break above the $0.3 zone once again.

- Advertisement -

However, technical and on-chain indicators are starting to show that the Cardano bottom may be approaching.

The same can be said for the on-chain metrics on Cardano, according to the Adaverse News Twitter handle.

Cardano Sees 90% Increase in Daily Active Addresses

According to a tweet from Adaverse News, the real-time update provider on the Cardano ecosystem, the ADA network has seen a significant 90% increase in daily active users. The network’s number of delegated wallet addresses has hit 1.2 million addresses.

https://twitter.com/AdaverseNews/status/1595816285262467073?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1595871542961115136%7Ctwgr%5E814532114cdf1c28db6f833ae632acfaf3a41c8c%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fu.today%2Fcardano-sees-90-daily-incre

- Advertisement -

At the same time, the cryptocurrency’s price action over the last few days has been bumpy. As of Friday, the cryptocurrency has risen from an intra-day low of $0.038 to a high of $0.3173 before resting at $0.311, where it now sits.

Proceedings from the FOMC meeting on 23 November boosted the crypto market, with several cryptocurrencies rising above their previous lows and even breaking a few weak resistances. However, ADA could not take advantage of this market pump for long-lasting upward momentum and is down by 1.8% over the last day.

However, this 90% increase in the number of active addresses on the Cardano network may also be due to the selling pressure brought on by the last two days of bearishness ADA has experienced.

Cardano is known as one of the most solid projects in the crypto space regarding developer activity. Another explanation for this 90% increase in active addresses is that the spike resulted from increased development activity on the Cardano network.

- Advertisement -

Cardano (ADA) Price Analysis

Following a bearish November for Cardano, its Bears still appear to be in charge of the charts.

This became especially evident after an unsuccessful attempt to break the $0.378 level (blue horizontal line) when the FTX crash first hit in early November. The cryptocurrency’s price plummeted after its rejection from this price level and hit the $0.32 zone (green horizontal line) in a -15% bearish move that lasted ten days.

Chart showing the price action of Cardano, VOC, Voice of crypto
Chart showing the price action of Cardano | Source: TradingView

After the 10-day consolidation and Cardano’s failure to rise again from this level, the bears finally won again, pushing the price of the cryptocurrency below $0.32, where it now trades.

The bearish dip below the $0.32 zone took Cardano to a bottom of $0.29, from which it has risen for a retest of the $0.32 zone. However, the bears have rejected the cryptocurrency again, trading at $0.311.

However, the cryptocurrency still trades below the neutral zone on its daily RSI, increasing the likelihood of further price movement to the upside.

If Cardano manages to break the $0.32 zone and close above it, another retest and possible breakout from $0.378 may be in sight.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

You Might Also Like

4 Meme Coins Ready to Pump in 2023: DOGE, SHIB, PEPE, & More..

Top 5 Altcoins to Watch in June

Unleashing a New Digital Realm: The Birth of Computer Gaming

5 Top Crypto Airdrops to Watch in June 2023

5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR

TAGGED: Ethereum
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of Crypto, XRP Ripple (XRP) Price Skyrockets 8%, What Propelled This Upsurge?
Next Article VOC, Voice of Crypto, FTX Collapse Findings Show Crypto Community Will Survive the FTX Debacle
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
newsletter
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
OKX Partners with Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram Tiktok
Voice of Crypto
Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Legal

  • Global Events
  • Advertise With Us
  • Privacy Policy

Know Us

  • About Us
  • VOC Team
  • VOC Vigilantes
  • Brands Who Trust Us
  • Contact Us
Copyright © 2023 Voice of Crypto. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?