Cardano network successfully updated and analyzed ADA indicators

Listen to this article

Cardano network successfully updated and analyzed ADA indicators

The Cardano team, once famous for its delayed updates and upgrades, has made great strides in the overall development of blockchain.

After the successful implementation of the Vasil hardfork, a new Daedalus mainnet update has been released.

ADA price prediction for 2022-2023

The new Daedalus mainnet update will support Ledger technology. This update also introduces a collection of anonymous usage analytics options that will help the IOHK team prioritize new features and help fix bugs. 

While the InputOutput team is making progress to help improve the Cardano ecosystem, it was noted that their development activity slowed down last week.

However, over the past few days, this metric has increased slightly. 

Source: Emotions

The increase in development activity may attract the interest of some investors. However, Cardano stakeholders have not had a good impression of Cardano over the past month.

The number of participants decreased by 6.81% last week.

One of the reasons why they don't care could be due to Cardano's stakeholders decreasing revenue. According to Staking Rewards, staker earnings have dropped by 22.57% in the past 30 days. 

Source: Deposit Bonus

Along with the decline in stakeholder interest, other bearish factors were seen in the Cardano network.

The number of active addresses on the Cardano network has decreased over the past 30 days. Public sentiment towards Cardano is also not so positive. 

As you can see in the image below, the weighted sentiment index has dropped significantly over the past month. Thus, it turns out that the crypto community has more negative things to say about Cardano than positive.

Cardano's MVRV ratio is also down month-on-month, suggesting a bearish outlook for ADA.

Source: Emotions

Despite all the bearish indicators, Cardano's volume surged after October 13.

Well, along with Cardano's volume growth, its market capitalization also increased. At press time, Cardano accounted for 1.5% of the total crypto market.

Source: Emotions

Cardano price follows suit and is trading at $0.381, at press time with a 5.01% gain over the past 24 hours. 

Oct 15, 2022

3 0