Cardano (ADA) Price Plunges As Bears Try To Over

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 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. 

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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 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.

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.

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