Cardano [ADA] recently witnessed a major development in its ecosystem as a new stablecoin was launched on the blockchain.
Market indicators looked bearish on the token.recently witnessed a major development in its ecosystem as a new stablecoin was launched on the blockchain.Cardano welcomes USDMSince this might attract new users to the Cardano blockchain, AMBCrypto planned to take a look at its current network stats., ADA’s Daily Active Addresses have been relatively high throughout the last month. In addition, the blockchain’s Daily Transactions also spiked on the 11th of March.
Whale activity around the token has also increased in the recent past. This was evident from the rise in its whale traction count during the last week.To check whether this uptrend would last, AMBCrypto then checked Cardano’s other metrics. We found that not many investors were trading the token at press time, as its Daily Active Addresses dropped.
Despite the recent price uptick, ADA’s MVRV ratio remained in the negative zone, suggesting that the token’s price might plummet soon. However, its velocity was up. A higher velocity means that Cardano was used in transactions more often within a set time frame.AMBCrypto then took a look at Cardano’s daily chart to better understand whether the token could sustain its bull rally. We found that the token’s MACD displayed a bearish upperhand at press time.As per the Bollinger Bands, ADA’s price was entering a less volatile zone.
These indicators suggested that ADA’s marginal price uptick might get neutralized soon, as the chances of a price decline were high.
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