Confidence in Cardano is on the rise. DeFiLlama reported an increase in total blocked funds (TVL) on the Cardano network over the past week. In addition, transaction volume on the network is on the rise, indicating that more users are actively trading ADA.
However, despite the bullish outlook, there are concerns about a decline in user activity on the #Cardano network.
Artemis data shows a significant drop in the number of daily transactions: it now stands at around 48,000, down from 96,000 two months ago.
The number of active addresses per day is also declining, recently dropping below 34,000. These trends raise questions about the ongoing use and adoption of the network, despite a generally positive view of the ADA's pricing potential.
Cardano currently trades at 0.4791 and has a market capitalization of over $17.09 billion, making it the 10th largest #cryptocurrency .
But change could be looming on the horizon. World of Charts drew attention to the fact that ADA's price recently exceeded a bull flag pattern on the 8-hour chart. This pattern indicates that ADA's profit margin is currently at nearly 10% and is likely to grow by 100%.
If this happens, Cardano's price could reach the mark1 mark in the coming weeks.
Santiment data shows an improvement in ADA's MVRV ratio, which is a bullish indicator. Trading volume remains high, which confirms the recent price spike. However, Cardano's exchange rate declined last week, indicating a decrease in trading activity.
In addition, Coinglass analysis suggests that Cardano could face significant liquidity near the significant 0.492 mark. This could lead to a price correction, but if #ADA rises above this level, it will soon reach 0.5 or. It could reach 0.528.
The recent surge in whale activity and the growing #optimism in the Cardano ecosystem suggest a promising outlook for ADA. There are some concerns about declining user activity, but the overall sentiment remains positive.
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