- Cardano’s recent report highlights the work Last week, different teams did it.
- ADA fell by 1,7% over the past 24 hours. Indicators suggested a slow week.
Cardano [ADA] The blockchain activity increased last week. Recent reports on the blockchain highlighted different teams’ efforts. ADA’s prices have also started to fall.
Cardano’s development activity has increased
AMBCrypto analyzed Santiment data and found that after a slight drop in activity, ADA graphs of development have risen dramatically over the last week.
The number of developers contributing to its activity remained very high as well last week. It is clear that these are positive developments, because high development shows more work was done to improve the Blockchain.
Input Output Globally Recently posted Cardano’s Weekly Report, which summarizes the latest developments in Cardano over the last 7 days.
The Lace team has launched Lace v.1.11, a brand new update with enhanced NFT functionality. Update v.1.11 introduced the capability to choose a wallet image for the favorite NFT.
Mithril, a team within ADA’s Scaling Team, has released its new 2418.1. This update was designed to prevent memory fragmentation.
In addition to these updates, Cardno Blockchain statistics were also updated in the Weekly Development Report. The report states that ADA’s native token count reached 10 million.
This is a promising sign.
The bull run of ADA is over
While developers pushed for their work last week, ADA Bulls also stepped up as the token value increased nearly 4% over the past seven days.
The trend has changed over the last 24 hour as ADA fell by 1.7%. According to CoinMarketCapADA traded for $0.4676 at the time this was written, with a total market cap of $16.6 billion.
This price correction was attributed to the rise in NVT. The NVT ratio is a good indicator of an overvalued asset, and a price drop could be imminent.
The weighted sentiment of ADA has also fallen, indicating that the bearish market sentiment was dominating. The MVRV Ratio was also a bearish indicator, and it went down as well on May 19th.
Click Here to Read Cardano (ADA) Price Prediction 2024-25
AMBCrypto analyzed ADA’s daily chart in order to see if the bullish rally was over. Our analysis showed that the Relative Strength Index went sideways around neutral.
This trend was also seen in the Chaikin money flow (CMF). Investors may have to wait a couple of days for ADA’s volatility to return.
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Source: ambcrypto.com