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Cardano (ADA): Reading This Might Not Disappoint Holders

Input Output Global co-founder Charles Hoskinson recently re-tweeted about Cardano’s swiftly expanding technological development. Can the stable network improvement as market players await the Vasil fork influence the $ADA price?

An Attractive Development

The highlighted update measures the GitHub contributor count during August. Meanwhile, Cardano took the first spot in this front. That confirms Cardano creators have worked consistently to update their technology and ensure increased updates. Moreover, this update remains a positive signal as the Vasil fork approaches.

Also, the hype surrounding the fork plus Cardano’s latest partnership with DappRadar showed their influence on the social media metric. ADA saw a 31.89% surge in social mentions, whereas its social engagements soared 24.56% within the previous month.

However, there’s more to the positive news. ADA’s address count maintained a steady upside, growing by 6.07% within the last three months. While publishing this post, the address count hovered at 3.87 million and continues to grow.

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Moreover, Cardano has witnessed a brief increase in market dominance. The alternative token saw a 1.74% surge within the past 30 days. That had it capturing 1.68% of the overall market during this writing. Nevertheless, there are concerns for market players.

One of the top alarming signals for traders might be ADA’s substantial volume dip recently. The altcoin has seen its volume slumping over the past month and threatens more decline in the coming times. Also, the token witnessed increased volatility within the previous month. That makes investments riskier.

ADA Price

In that context, ADA traded at $0.5032 during this publication, following a nearly 2% dip. Also, Cardano will likely witness more price declines in the coming hours. Though the token climbed from $0.457 during September 7 sessions, the upside steam appears to fade.

The RSI (Relative Strength Index) read 48.71 during this writing. That showed the momentum briefly skewed to sellers. Moreover, the OBV (on-balance volume) has moved sideways. That shows ADA will unlikely witness much action as far as near-term tendencies are concerned. 

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Meanwhile, the crypto market remains unstable as all uptick encounter invalidations. Bitcoin has seen massive slumps within the last day as it returned to the $20K vicinity. Upcoming sessions remain essential to assess.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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