Cardano (ADA) Price Plunges As Bears Try To Over
May 04 2023 - 11:00AM
NEWSBTC
Cardano (ADA) is trading below yesterday’s closing price as it
exhibits price volatility. This price drop comes despite the fact
that its trading volume increased by over 26% in the last 24
hours. ADA has now lost its earlier gains in the past week,
dropping from $0.4028 on April 29, 2023, to $0.3974 on April 30.
Currently, it is trading in the $0.3926 range. Its past price
behavior suggests it will likely recover from the bearish trend.
Fortunately, Cardano retains most of its gains in 2023, moving from
$0.248 on January 1, 2023, to its current price of $0.3922 at press
time. ADA Price Analysis ADA is experiencing price volatility
today, forming a red candle on the daily chart. The Relative
Strength Index is at 47.41 and reflects price neutrality as the
bulls and bears battle for control. Related Reading: Check
Out This Shocking Pepe Coin Versus Bitcoin Comparison Also, ADA’s
Moving Average Convergence/Divergence (MACD) is below its signal
line and shows a negative value. The MACD indicator hints at a
possible price drop ahead for the asset since the bears are still
active in the market. However, ADA is still above its 50-day
and 200-day Simple Moving Averages (SMA), a bullish sentiment for
the short and long term. The 50-day SMA has correlated with a
support level sustaining ADA for the last three days. Cardano’s
Developmental Strides Might Facilitate A Rally Cardano’s reputation
as a developers’ hub is rising, with an active community backing
the project. Cardano in the Community Digest announced the upcoming
Cardano summit in 2023. The event will hold in Dubai between
November 2 and 4, 2023. It will provide networking opportunities in
the community and access to top crypto executives that will speak
at the event. Although Cardano is in a bearish phase, its
developmental strides will likely boost its price action in the
coming days. Related Reading: PEPE Goes To The Moon: Meme Coin
Listed On OKX, Binance Listing In the Works? Aada Finance announced
the release of Aada V.2, a pool manager for NFTs. Holders of NFTs
can delegate locked ADA to any pool and register a new stake pool.
Users can transfer, sell or stake NFTs on DeFi platforms. Cardano
Active Wallets and Whale Activities Soars Also, Cardano’s
transaction volume has increased partly due to an increase in the
total number of active wallets. The total number of wallets on the
network currently stands at 4 million. Also, Input Output Global
(IOG), the developer behind the network, revealed that Cardano’s
processed 65.4 million transactions in the past week. The
increase in transaction volumes correlates with a rise in whale
activity on the network. The whales are currently in an
accumulation phase hinting at growing confidence in ADA’s long-term
potential. Featured image from Pixabay and chart from
Tradingview.com
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