Cardano: Is the blockchain’s attempt to push ADA’s price just another “tool’s errand”
Following the much-anticipated Vasil hard fork that was pushed earlier in September, Cardano [ADA] struggled to register any promising gains. The episode was the exact opposite of what the community expected, as people thought ADA’s price would rise after the hard fork.
However, at the time of writing, ADA’s price was over 4.5% lower than last week and was trading at $0.4225 with a market capitalization of $14.472 billion. Interestingly, Cardano developers recently released another update called the koios-go-client v2.0.0 update.
While this new release can be considered a positive signal for the blockchain, the question is, can it be enough to fuel ADA’s next bull rally?
koios-go-client v2.0.0:
v2.0.0
Published by mkungla – cardano-community#Cardano $ADA— Cardano Updates (@cardano_updates) 3 October 2022
Nothing ever works enough
Despite the positive developments in the ecosystem, a look at ADA’s metrics suggested darker days ahead. Most calculations pointed in the direction of a price drop.
For example, ADA’s 30-day market value relative to realized value (MVRV) registered a downward trend, suggesting that the price may fall further in the coming days. ADA’s volume also followed a similar pattern, falling significantly in the past week.
However, at the time of writing, the volume recorded a slight increase. Not only this, but ADA’s development activity also declined. This, too, could be considered another red flag for a blockchain, as it reflected reduced efforts by developers to improve the network.
Source: Sentiment
A future with the ADA?
LunarCrush recently revealed an interesting development on Twitter. According to the tweet, ADA was among the top cryptocurrencies on the platform in terms of trending. This development looked promising as it indicated increased investor interest in the cryptocurrency.
Top 10 Current Popular Searches> on
1️⃣ $lunch
2️⃣ $lun
3️⃣ $xrp
4️⃣ $glmr
5️⃣ $btc
6️⃣ $uni
7️⃣ $eth
8️⃣ $quacks
9️⃣ $ada
🔟 $ustcInsight: pic.twitter.com/GJg1RZT8l9
— LunarCrush (@LunarCrush) 2 October 2022
However, this development did not reach ADA’s calculations, as Santiment’s data showed that ADA’s social mentions decreased considerably in the last few days.
Source: Sentiment
However, CryptoQuant’s data looked a bit more promising and gave investors hope for better days ahead. ADA’s Relative Strength Index (RSI) was in a neutral position, which suggests that the market can go in any direction.
Also, ADA’s stochastic revealed that ADA was in an oversold position, which could help the coin increase in value in the days to come.
Source: CryptoQuant
