Cardano might have lost its users’ confidence with time. However, the project retained popularity due to its lucrative development roadmap and immense potential. Moreover, the efforts by the ADA development team see the blockchain attaining an impressive audience in what it plans to dominate.
Cardano Upside
The latest CryptoCompare report shows Cardano development activity remained elevated over the past six months. Moreover, the blockchain’s GitHub commits have surged to 6,200 from 5,400 during this timeframe.
However, the narrative was different on the investor front. Cardano’s monthly fees have been plunging since November 2021. The figure stood nearly 75.4% lower from its previous mark during this publication. The platform generated $1.62M in the mentioned fees eight months ago. Nevertheless, last month saw this index at $0.43 only, regardless of a 16% increase.
That confirms the reduced usage by investors. However, the decline was logical as ADA has maintained a disappointing streak. While publishing this content, ADA traded at $0.455, about 85.57% lower than its ATHs. Moreover, the alternative token has failed to secure market support.
Also read:Furthermore, Cardano surrendered the 200-day SMA support months ago. It also lost the 100-day Simple Moving Average and the 50 Simple Moving Average within the previous two months.
For now, Cardano would require investor faith to overcome its bearish winds. However, ADA’s performance hasn’t contented investors. Remember, Cardano, performed the worst in large-cap cryptos within the past year. The ROI (Return on Investment) on ETH, BTC, and XRP remain negative at 44%, 38%, and 48%. On the other side, Cardano stands at -65.4%, confirming why ADA isn’t performing like top peers.
Meanwhile, Cardano has the chance to regain what it lost as it awaits the Vasil mainnet fork later this month. However, response to the upgrade remains crucial for the asset price. Improved broad market sentiment would be critical for the token’s recovery.
Bears dominated the cryptocurrency market during this publication. The global cryptocurrency market capitalization declined by 2.64% within 24 hours to $891.72 billion. Also, Bitcoin remains without significant price actions around the $20K mark. The bellwether crypto changed hands at $20,039.79 during this publication.
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