Blockchain News

ADA Bears Could Have an Extended Stay Amid Cardano’s Efforts to Lure the Bulls

Cardano’s [ADA] Voltaire period efforts aided the altcoin’s rebound in Total Value Locked (TVL) and Long/Short Ratio. However, as we enter a new month, the ecosystem has more to offer the community.

Cardano Feed, a Twitter account, delivered Cardano’s daily summary on May 1 and provided some crucial details concerning the ecosystem. In addition to the Voltaire development, the plan included additional crucial ecosystem improvements. The Twitter thread emphasized Cardano’s work with DEADPXLZ, a next-generation Web3 gaming platform, to produce its first game on the Paima Engine. This would be combined with Cardano.

The SummonsPlatform was also deployed on the Cardano mainnet, according to the report. This would make it easier for users to construct and administer DAOs.Cardano has a lot to  offer and might go on a winning streak. Was this the case, however, given ADA’s pricing and metrics? Let us investigate.

Cardano’s native coin, ADA, has not exactly stepped up its game at the time of writing. This was due to the token trading at $0.3842 and being in the red. The Relative Strength Index (RSI) was likewise at 44.28 and showed no prospects of improvement in the next few days.

The moving Average Convergence Divergence (MACD) signal from ADA also showed a bearish crossing. Although the signal and MACD line remained above the zero line at the time of publication, it was only a matter of time before the two lines crossed over to the other side of zero.

At the time of writing, data from the intelligence platform Santiment seemed to be in favor of the bears. Although ADA’s development activity had been on the rise in recent days, it had dropped by the time this article was published. ADA’s development activity was 83.83, a decrease from the chain’s development activity during the previous three days.

Furthermore, at the time of writing, the number of holders had not made a significant recovery and had moved in a sideways direction. Despite a bleak outlook on most fronts, ADA managed to preserve its social supremacy. Furthermore, according to CoinMarketCap data, ADA was trading 0.18% lower in the last 24 hours and 3.46% lower in the previous seven days. As a result, ADA traders will have to tread carefully for the foreseeable future.

Despite the fact that the bears control ADA, the Cardano Foundation shared some good news with the community. Cardano’s on-chain statistics have increased as of May 1.

This might potentially transform the situation with ADA, but only if investors can generate some upward momentum.


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