- Cardano’s NFT has reached new daily highs after a 52.71 percent increase over the last 24-hours
- ADA price has risen but the profitability of addresses is still low
Cardano [ADA] The price of the product has dropped dramatically over the last month. The interest in the ecosystem is still as high as ever, even though it’s been performing poorly on price.
NFT industry grows
AMBCrypto accessed the data and found that Cardano’s NFT daily volumes soared. They reached 450,000 ADA after a stunning 52.71% rise in only 24 hours. The network also saw a robust increase of activity as it completed 150,000 transactions within the time frame, resulting in a 24.52% overall growth.
The findings of both studies are indicative of an ecosystem that is thriving, and of the adoption of Cardano.
Cardano’s fee revenue fell by 35.7% during this period, despite the increased activity. Also, the interest in ADA staking remained steady, and reward rates stayed at 2.98%.
What is the ADA’s performance?
Since the 26th of March, ADA’s price has been on a turbulent journey. It has plummeted by 28.9%. The price has been exhibiting multiple lows and highs that are indicative of a negative trend. This downward trend may be influenced by the broader sentiments of the market and BTC’s price.
After testing the $0.4 resistance level, ADA’s prices rallied strongly, surpassing the previous lower highs and breaking the price of $0.472. This signals a possible reversal to the downtrend. With sufficient momentum ADA can target the $600 threshold.
At the time of writing, ADA’s Relative Strength Index (RSI) had a reading of 55.95 – A sign of balanced market sentiment. The reading of 55.95 indicates that the market sentiment is still balanced.
Cardano’s MVRV remains at a negative value despite the recent price spike, meaning that its holders do not make a profit. The lack of profit reduces the selling pressure for ADA and could contribute to a price stabilization.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
Interestingly while ADA’s price increased, Cardano’s velocity decreased. This indicates a reduction in the number of ADA transactions. It is possible that ADA owners aren’t selling their coins due to a lack in profitability. However, this trend also suggests a decline in the trading activity of Cardano.
It could be interpreted by some as a long-term investment confidence in ADA. This is especially true as many holders opt to hold their tokens for the long-term rather than trading them and taking profits.
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Source: ambcrypto.com