- Cardano’s network activity has remained strong as transactions involving active addresses have increased.
- On the whole, market indicators look bearish.
Cardano [ADA] A new stablecoin has been launched recently on the Blockchain. This is a huge development for its ecosystem.
In the past 24 hours, tokens’ prices have risen in response to this new development.
Cardano welcomes USDM
Cardano’s first fiat stablecoin with a 1:1 ratio, USDM was released recently. According to the announcementUSDM is slowly arriving in-chain during the week of 18th March.
AMBCrypto wanted to look at the current Cardano network statistics to see if this could attract more users.
Artemis is a good example of this. dataThe Daily Active ADA Addresses were relatively high during the month of March. The daily transactions on the blockchain also increased significantly on March 11.
As the TVL of the blockchain remained positive, things looked good for DeFi.
Cardano price reacts positively
Cardano’s price rose a little when it adopted the stablecoin. According to CoinMarketCapADA rose by over 1% during the last 24 hour.
ADA, at the time the article was published, traded for $0.6786 and had a capitalization over $24 Billion, which makes it the 8th largest cryptocurrency.
Recent whale activity has increased around the token. The increase in whale activity around the token during the past week was evident.
AMBCrypto also checked Cardano’s other metrics in order to determine whether the uptrend will continue. At the time of publication, we found that there were fewer investors trading Cardano tokens.
Despite recent price increases, ADA’s MVRV is still in negative territory, suggesting the price of the token could plummet very soon.
Its velocity, however, was higher. Cardano transactions were more frequent when the velocity was higher.
AMBCrypto looked at Cardano’s daily chart in order to determine whether or not the bullish rally could be sustained. The token’s MACD was showing a negative trend at the time we went to press.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
According to the Bollinger Bands ADA was moving into a more stable zone. ADA’s Money Flow Index also showed a downward trend and was heading further south than the neutral point.
This indicated that ADA’s price increase could be reversed soon as there was a high probability of a decline in prices.
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Source: ambcrypto.com