ADA Price Ready To Soar As Cardano Network Hits New 88.6 Million Transaction Milestone
April 06 2024 - 10:00AM
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The Cardano (ADA) price looks set for a significant move to the
upside. The network recently hit a new milestone in terms of
transactions processed so far, in addition to other bullish
fundamentals that could also contribute to the price surge.
Cardano Has Processed Over 88 Million Transactions Data from
Cardano’s latest weekly development report shows that the network
has processed 88.6 million transactions to date. This is
significant as sustained network activity can positively affect
ADA’s price. Moreover, ADA has always been criticized as a “ghost
chain,” this achievement dispels that notion and proves that people
are actively using the network. Related Reading: XRP To $20
And Ethereum To $20,000: Crypto Analyst Reveals When This Will
Happen Source: Essential Cardano Meanwhile, the report revealed
that 1,353 projects are actively building on the network, which
means the network will keep expanding as more users get onboarded
through those projects. Additionally, Cardano’s Fund12 officially
launches on April 26, with this decentralized and innovative
incubator program set to usher in a new set of developers into the
Cardano ecosystem. That event also underlines Cardano’s
potential to experience exponential network growth soon enough. It
is also a testament to Cardano founder Charles Hoskison’s statement
that the network is growing organically like Bitcoin, seeing as the
team has continued to put in the work rather than solely depending
on hype. Considering these bullish developments, ADA’s price
could be well primed for a significant move to the upside. This
will provide a much-needed relief for ADA holders who have
continued to worry about the crypto token’s lagging price action.
ADA’s price had remained pretty tepid despite the broader crypto
market recording massive price gains. ADA Price Chart Says
Otherwise From a technical analysis perspective, the Cardano
ecosystem is currently bearish. Technical analyst Alan Santana
recently mentioned that further price declines are more feasible as
ADA’s price has continued to lag. He revealed that ADA’s weekly
chart is producing a “break below the EMA10 (Exponential Moving
Average) with a very strong bearish candle as the RSI (Relative
Strength Index) turns red. “ Related Reading: Dogecoin Finds A
Bottom: How The 7-Year Cycle Can Send Price To $40 Santana also
suggested that ADA’s price could drop to as low as $0.34 in a bid
to establish support. Therefore, he stated that the “only wise
decision is to remain bearish until the chart and market conditions
change.” “Once support is found and established, we become bullish
again,” the analyst added. At the time of writing, ADA is
trading at around $0.58, up in the last 24 hours according to data
from CoinMarketCap. ADA sees sharp drop to $0.58 | Source:
ADAUSDT on Tradingview.com Featured image from Biztech Africa,
chart from Tradingview.com
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