Tech

ADA bears could have an extended stay amid Cardano’s efforts to lure the bulls

05/02/2023
Bitcoin Ethereum News


  • Cardano’s daily digest shared a number of developments that could act in favor of ADA’s growth.
  • However, at the time of writing, ADA was exchanging hands at a loss. 

Cardano’s [ADA] efforts with the Voltaire era helped the altcoin see some recovery on its Total Value Locked (TVL) and Long/Short Ratio front. However, as we step into a new month, the ecosystem had something more to offer to the community.

The Twitter handle, Cardano Feed, published Cardano’s daily digest on 1 May and stated some important updates about the ecosystem. Adding to the Voltaire development, the roadmap presented other important updates related to the ecosystem.

How much are 1,10,100 ADAs worth today?

Some high expectations doing the rounds

The Twitter thread highlighted Cardano’s collaboration with a next-gen Web3 gaming platform DEADPXLZ to develop its initial game on the Paima Engine. This would be integrated with Cardano.

Additionally, the roundup also stated that the SummonsPlatform was launched on the Cardano mainnet. This would enable users to create and manage DAOs in a better way.

With so much to offer, Cardano could be on a winning spree. However, was that the case with ADA’s price and its metrics? Let’s find out.

All about the bears

At the time of writing, Cardano’s native token ADA didn’t exactly step up its game. This was because the token was exchanging hands at $0.3842 and stood in the red. The Relative Strength Index (RSI) also stood at 44.28 and didn’t show any signs of making a recovery in the days to come.

ADA’s Moving Average Convergence Divergence (MACD) indicator too witnessed a bearish crossover. Although, at press time, the signal and MACD line stayed above the zero line, it was only a matter of time before the two lines make their way past to the other side of zero.

Source: TradingView

Data from the intelligence platform Santiment also seemed to be in support of the bears at the time of writing. Although ADA’s development activity did witness an uptrend over the last few days, at press time, it slipped. ADA’s development activity stood at 83.83, which was a drop from the chain’s development activity over the last few days.

Furthermore, a look at the number of holders also didn’t make a significant recovery at the time of writing and moved in a sideways direction. However, ADA did manage to maintain its social dominance despite a bearish outlook on most fronts.

Source: Santiment

Furthermore, as per data from CoinMarketCap, ADA was trading 0.18% lower in the last 24 hours and 3.46% lower over the last seven days. Thus, ADA traders would have to tread slowly at least over the next few days.

Read Cardano’s [ADA] Price Prediction 2023-24

However, despite ADA being controlled by the bears, the Cardano Foundation shared some good news with the community. As of 1 May, Cardano’s on-chain stats managed to show some growth.

This could, thus, change the state of ADA but only if investors managed to garner some bullish momentum.

Source: https://ambcrypto.com/ada-bears-could-have-an-extended-stay-amid-cardanos-efforts-to-lure-the-bulls/