ADA’s latest development may be evidence that it would stop at nothing in 2022
The Cardano Foundation may be giving a sneak-peak into what’s next for the blockchain only a few weeks after the successful rollout of the Vasil hard fork. The Cardano Foundation, on 18 October, tweeted about Cardano Ballot. This is a decentralized application (dApp) for voting that is in the works.
Although the dApp is being developed for the Cardno Summit, there are subliminal indications that it may have a wider scope.
?NEW BLOG: The Cardano Ballot: developing a decentralized voting app
Our Metadata Tools team built an app to enable everyone to vote for Summit speaker and award nominees.
Read about their journey?https://t.co/LBv8gkzFdK#CardanoSummit2022 #BuildingOnCardano
— Cardano Foundation (@Cardano_CF) October 18, 2022
Here’s AMBCrypto’s Price Prediction for Cardano(ADA) for 2022-2023
Furthermore, the ADA team has made plays that stretch beyond the summit. With additional advancements and enhancements, the voting app may become popular outside the ecosystem.
More to come…
Apart from the aforementioned update, Cardano’s NFT area also appeared to be gradually making an impression. Stockwits, data and discovery platform, reported that the Cardano entered the top three NFT chains. Furthermore, as per opencnft data, over a million NFTs were traded in the last 24 hours. To add to it, over 2.6 million ADA stood as the trade volume figure.
The daily NFT market update is a wild one today?
?Cardano breaking into the top 3 with @the_ape_society @DerpBirdsNFT @claymates leading the way!
?Hedera gets on the left side of the chart for the first time as @HangryBarboons does 2m HBAR volume!
? @Gekofam back on top! pic.twitter.com/6FczXG3yPE
— Stocktwits NFTs (@StocktwitsNFTs) October 17, 2022
Cardano surpassed Immutable X in NFT trading volume, at $968,000. It ranked third, behind Ethereum [ETH] and Solana [SOL]. The Ape Society, Spacebudz, Claynation by Claymates, and Derp Apes were among the most prominent NFT platforms that spearheaded this rally on the Cardano chain.
According to Santiment, the average number of daily active addresses stood at around 47,000, significantly down from its peak of 154,000 seen in May. A slight decline could be observed but that may have been due to broader market conditions more than a lack of activity or interest in the chain itself.
There is more to come
It was also noted that the development activity indicator was greater than 70. However the dev activity graph showed a declining tendency, which wasn’t its best. But the current state was still indicative of developers working on the platform.
When looking at the daily timeframe, it was clear that the price of ADA was experiencing a downward trend. A new support line looked to be growing beneath the old one, which had been broken. The initial support line was around $0.415 and $0.384, but it dropped to around $0.357 and $0.351.
At the time of writing, ADA was trading at roughly $0.35, marking a decrease of nearly 40% from its August high. The Relative Strength Index (RSI) was well into the oversold territory. This indicated that ADA was undergoing a severe bear run. Investors should brace for a pullback, which could potentially push prices above the yellow short Moving Average line.