Cardano’s price after undergoing a gigantic descending move in the past couple of months is trying very hard to flip from the bearish trend. Meanwhile, a rejection from here may land the popular altcoin within a firm bearish influence, but a rebound is expected to be underway.
In a recent tweet, the IOHK stated that more than 100 projects have been launched on the Cardano blockchain over the past week. Moreover, the number of projects in development also witnessed significant growth at the same time.
This consistent rise in the network led to a massive rise in the development activity which clearly indicates that the Cardano team had grown significantly over the period as a rise in development has led to a notable surge in the ADA price.
Along with the rise in development activity, the Cardano blockchain also performed well in the NFT market. In the past week, the volume of the NFTs sold over the network rose by 6.44% as per the data procured from opencnft. Woefully despite the rise, the sales on the Cardano network slumped by nearly 9% in the same time frame.
Further, in DeFi, Cardano’s Total Value Locked (TVL) displayed significant improvements over time. The TVL raised by more than 10,000% in the past 12 months, while the present rise accounts for $61.62 million with a rise of more than 2.15% in the past 24 hours.
Woefully, the revenue generated by Cardano continued to tank down as it plummeted by more than 25% in the past month.
Besides, the volume over the Cardano chain also plummeted heavily from over $898 million to as low as $182 million over the last month. The daily active address also witnessed a major drop at the same time. Overall the Cardano (ADA) price is trading at $0.3166 with a drop of over 3.12% in the past 24 hours.
Source: https://coinpedia.org/price-analysis/top-reasons-cardano-bears-may-remain-off-the-shore-in-december-2022/