Amidst The FTX Fiasco, Cardano Gains Over 100K Unique Wallets This Month
Numerous networks are recording a massive rise in activity and interest even though the crypto market has been on a downturn since the start of this year. Despite the industry being in a bearish trend and the FTX crash causing a further decline, 100,840 new wallets have held Cardano’s native token (ADA) since the start of this month.
Per data from Cardano Blockchain Insights, as of the 28th of November 2022, there were 3.73 million ADA wallets, up from 3.63 million at the beginning of the month. Given that the marketplace has yet to experience any bullish catalysts over the last week, Cardano’s outstanding wallet expansion can be attributed to the network’s high traffic.
The platform’s ongoing work on Lace, a portable multi-chain crypto wallet, has advanced. According to the Cardano developers, Lace is a disruptive technology, and its wallet will connect components from Web3 and Web2 under a single interface effortlessly.
The platform is also registering more activity now that a stablecoin connected to Cardano has been launched.
ADA’s Price Action
One of the potential triggers for ADA’s recent price surge is the Cardano network’s intense activity. Importantly, ADA is looking for a bottom that, like the remainder of the cryptocurrency world, remains elusive in light of the extensive effects of the FTX disaster.
As of this writing, the ADA token is down 0.9% over the previous 24 hours and trades at $0.31, according to recent Coingecko data. Bulls have yet to be able to reverse the prolonged losses, and the asset has generally been trading on a negative trendline for the past week.
At its current value, the $0.34 price level represents the next psychological barrier for ADA, while the $0.31 price mark serves as its next critical support. It is important to note that there is still intense selling pressure on the ADA.
The technical indicators, notably the oscillators and moving averages, are all bearish about ADA. Nevertheless, the Cardano ecosystem remains bullish about ADA, predicting that it would still trade at $0.48 before this year is over.
Generally speaking, the IOHK (Cardano’s developer team) has sufficient control over the future price of ADA. ADA’s potential price movement hinge on the extent to which the developers’ plans for the next year are successful.
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