- Cardano wallets are now more active than ever.
- ADA is at risk as the bears try to regain control of the market
In the past thirty days, there were a total of 152 active wallets. Cardano [ADA] Danogo (a DEX built on Layer 1’s (L1) Network) noted that the number of users had reached 600,000. recent post Twitter is now called on X.
Cardano recorded 618,000 active addresses as of 15th march, an increase of 16% from 533,000 registered at the start of the month.
The surge of user activity in the network has also led to a rise in transaction fees. Artemis reported that the daily Cardano transactions fees hit a new two-year record of $17,000 in March.
It was the 7th of July 2022 that its transaction fee total was so high.
The bears return to control
At press time, ADA traded at $0.73. The altcoin price was corrected last week after a recent decline in market sentiment. While the value of ADA has grown by double-digits over the last few months, it is now prone to bearishness.
According to CoinMarketCap, ADA’s price decreased by 1% over that time period.
A daily chart of ADA price movement revealed a consistent drop in bullish behavior.
For example, by observing the coin’s Moving average convergence/divergence (MACD) indicator, AMBCrypto found that its signal line crossed above the MACD line on 14th March.
The MACD is a line that intersects a trend line. This indicates the MACD has accelerated its decline.
You can read more about it here Cardano’s [ADA] Price Prediction 2023-24
A downward price trend is usually followed by this crossover.
The Awesome Oscillator indicator (AO) of ADA also confirmed that the daily market was in a bearish mood. Over the past five trading days, this indicator has shown red bars facing upwards.
If an AO displays these bars, this indicates a change in momentum to the downside. It is a warning to traders to either sell their long positions or to take short positions.
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Source: ambcrypto.com