Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over

2022-4-29 20:00

Cardano (ADA) has been one of the worst-hit cryptocurrencies in the market. The digital asset which had seen a high of $3.10 now lives on past glory as it is now trading below the $1 mark. This has been going on for a while which has convinced some investors that the end of this onslaught is coming to an end. However, on-chain metrics suggest that this is far from the case and in fact, the downtrend is not close to ending anytime soon.

On-Chain Metrics Are Bad

One thing that has always gone well for Cardano has been the amount of activity that is recorded on the network. The cryptocurrency which boasts a cult-like following has been one of the best-performing networks in terms of activity and traffic. At some point even rivaling, or surpassing, the leading smart contract network, Ethereum, in terms of volume. But it seems this reign is coming to an end as Cardano’s network activity has slowed significantly.

Related Reading | Small Cap Altcoins Take April Shower, Will May Bring New Growth?

At the beginning of the month, Cardano’s real volume on a daily basis had surged as high as $750 million passing through the network in a day. However, as the price of the digital asset has declined and investor sentiment has turned negative, its real volume has taken a hit.

ADA real volume on a decline | Source: Messari

Snoop Dogg’s NFT launch on the network had helped to bolster activity on the network but this soon died down. The result of this has been a constant decline in real volume. At the time of this writing, the real volume for the network is now sitting as low as $37 million on a daily basis.

What This Means For Cardano

The price of any cryptocurrency in the space can easily be linked to the network activity of that asset. This is why the decline in the real volume for Cardano spells out more bad news for the value of the digital asset.

Related Reading | Ethereum Attempts To Climb North; Is It Eyeing $3000?

A surge in this real volume has usually coincided with a surge in the price of ADA. What this alludes to is that with real volume down, with no signs of picking up soon, then there is not enough momentum to trigger another recovery trend for the cryptocurrency.

ADA falls below $1 | Source: ADAUSD on TradingView.com

Rather, as the real volume continues to decline, it is expected that the price of the digital asset will decline with it. This could see the value of ADA testing at the $0.7 level in the month of May. Although this has historically been a bullish month so there is a chance ADA will recover if the market does.

ADA is trading at $0.84 at the time of writing. The digital asset is down 72.52% from its September 2, 2021, all-time high.

Featured image from Zipmex, chart from TradingView.com origin »

Cardano (ADA) на Currencies.ru

$ 0.7179 (-0.21%)
Объем 24H $2.068b
Изменеия 24h: 3.13 %, 7d: -14.82 %
Cегодня L: $0.6551 - H: $0.735
Капитализация $25.294b Rank 8
Цена в час новости $ 0.8363 (-14.16%)

ada cardano mark trading going below glory

ada cardano → Результатов: 126


Cardano’s Plomin Hard Fork: A Catalyst for ADA Growth Amidst Market Volatility?

As it moves through a dynamic crypto market and recent watershed moments become crystallized, Cardano (ADA) finds itself more and more at a point of potentially great significance. In this transitional moment, it has introduced decentralized governance, and what that really means is that ADA holders now have the power to effectively vote on major [...]

2025-1-29 22:10


Фото:

Legendary Trader Peter Brandt Says Cardano Setting Up For Monster Bull Rally After Forming Bottom

Cardano (ADA), the native governance token of the proof-of-stake layer-1 network of the same name, recently lept back above the $1 threshold – indicating robust buying momentum. Like other major cryptocurrencies, ADA has enjoyed the latest Trump-spurred upsurge, largely due to its parent company, Input Output Global (IOG) being a U.

2025-1-20 16:52


Прогноз Cardano: поднимется ли ADA до $1,50 или упадет к $0,70?

Cardano (ADA) демонстрирует рекордный рост за последние 15 месяцев. Скачок цены начался 4 ноября и совпал с переизбранием Дональда Трампа. Это укрепило оптимизм инвесторов. На недельном графике криптовалюта продолжает формировать более высокие максимумы и минимумы.

2024-12-30 17:28


Аналитик прогнозирует рост Cardano на 2288% до $6 и определяет, когда может начаться бычий забег ADA

Несмотря на то, что биткоин превысил $71 тыс. , Cardano торгуется по $0,3473, что отражает потерю 12% по сравнению с ценой месяц назад. Сегодня ADA показала рост всего на 2,2% на фоне возобновления бычьего импульса на рынке криптовалют.

2024-10-30 08:24