- ADA development activity fell last week, along with the price.
- Although Cardano’s weekly chart was red, the market indicators looked bullish
Cardano [ADA], which is known for its high development activity, witnessed a disruption in the past few days. The blockchain has published its weekly development report, highlighting the efforts of various teams to improve the blockchain.
Cardano’s development activities are declining
AMBCrypto’s look at Santiment’s data revealed that blockchain development dipped last week. This was evident from the fact that ADA’s development activity graph fell in recent days.
Source: Santiment
The latest edition of the weekly development report highlighted the work done by various Cardano teams to improve the blockchain.
What’s going on with Cardano?
Check out this week’s development update for Essential #Cardano and stay up to date with 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
According to the report, the Hydra team has made progress in releasing version 0.15.0, resolved issues in smoke testing and website publishing workflows, and provided a more robust development environment.
The Mithril team has released the first version of the Mithril client NPM package, allowing developers to integrate key 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 beginning of the voting period. Apart from this, the report also mentioned Glockchain’s updated network statistics.
According to the report, Cardano completed more than 82.7 million transactions while holding more than 9.4 million native tokens. Additionally, Cardano had launched more than 157 projects on the blockchain.
Source: Essential Cardano
ADA is under the influence of bears
While developers continued to improve the blockchain’s ADA price action, the price action remained under the influence of bears.
According to CoinMakretCapADA is down more than 5% in the past seven days. At the time of writing, ADA was trading at $0.4824 with a market cap of over $17 billion, making it the eighth largest cryptocurrency.
AMBCryptro’s look at Sanriment’s data revealed that the downward trend could continue. As the price of the token fell, open interest spiked, indicating a continuation of the trend.
The Binance funding rate also remained green, meaning derivatives investors bought ADA at the lower price.
Source: Santiment
Realistic or not, here it is ADA market cap in BTC‘s conditions
Our analysis of Cardano’s daily chart showed that there was an opportunity for a trend reversal. For example, the MACD showed the possibility of a bullish crossover.
Moreover, both ADAThe Money Flow Index (MFI) and the Chaikin Money Flow (CMF) recorded increases, indicating that the possibility of a price move north was high.
Source: TradingView