- ADA’s development activity dropped last week, along with its price.
- Though Cardano’s weekly chart was red, market indicators looked bullish
Cardano [ADA], which is famous for its high development activity, witnessed a disruption in the last few days. The blockchain has published its weekly development report, highlighting the efforts made by different teams to improve the blockchain.
Cardano’s development activity is dropping
AMBCrypto’s look at Santiment’s data revealed that the blockchain’s development dropped last week. This was evident from the fact that ADA’s development activity chart declined over the last few days.
Source: Santiment
The latest edition of the weekly development report highlighted the work done by different Cardano teams to improve the blockchain.
What’s going down on Cardano?
Check out this week’s development update on Essential #Cardano and stay abreast of all the latest developments in core technology, wallets and services, smart contracts, and scaling and governance. https://t.co/JKZelIca28
— Input Output (@InputOutputHK) January 26, 2024
As per the report, the Hydra team made progress working on the release of version 0.15.0, addressed issues in smoke tests and website publishing workflows, and ensured a more robust development environment.
The Mithril team released the initial version of the Mithril client NPM package, enabling developers to integrate core Mithril features into their web applications running in a browser.
On the other hand, Project Catalyst celebrated all the efforts of ecosystem participants with the start of the voting period. Apart from this, the report also mentioned Glockchain’s updated network stats.
As per the report, Cardano completed more than 82.7 million transactions while having over 9.4 million native tokens. Additionally, Cardano had more than 157 projects launched on the blockchain.
Source: Essential Cardano
ADA is under bears’ influence
While developers kept improving the blockchain’s ADA’s price action remained under bears’ influence.
According to CoinMakretCap, ADA was down by more than 5% in the last seven days. At the time of writing, ADA was trading at $0.4824 with a market capitalization of over $17 billion, making it the eighth largest crypto.
AMBCryptro’s look at Sanriment’s data revealed that the downtrend might continue. While the token’s price dropped, its open interest spiked, hinting at a trend continuation.
Its Binance funding rate also remained green, meaning that derivatives investors were buying ADA at its lower price.
Source: Santiment
Realistic or not, here’s ADA market cap in BTC‘s terms
Our analysis of Cardano’s daily chart revealed that there was a possibility of a trend reversal. For instance, the MACD displayed the possibility of a bullish crossover.
Additionally, both ADA’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered upticks, indicating that the possibility of a northward price movement was high.
Source: TradingView
