LIVE
$ADA Price Will Rise As #Cardano Network Hits 88.6 Million Transactions
The Cardano (ADA) price may rise significantly. The network reached a new transaction milestone, and other positive elements may potentially explain the price spike.
Over 88 Million Transactions on Cardano
Recent weekly progress reports suggest that Cardano has handled 88.6 million transactions. This matters because persistent network activity may boost ADA's price. ADA has been called a "ghost chain," yet this accomplishment indicates that people use it.
The survey also found that 1,353 projects are actively creating the network, which will grow as more people join. The decentralized and innovative Fund12 incubation program will welcome new developers to the Cardano ecosystem on April 26.
That occurrence suggests Cardano might soon see exponential network expansion. Since the team has worked hard rather than relied on hype, Cardano creator Charles Hoskison's claim that the network is expanding naturally like Bitcoin is supported.
These optimistic occurrences may prepare ADA's price for a big rise higher. ADA holders who have been concerned about the crypto token's price movement will be relieved. Despite the crypto market's enormous advances, ADA's price stayed flat.
Technical analysis shows a negative Cardano ecosystem. Since ADA's price has lagged, technical expert Alan Santana suggested future price falls. He said ADA's weekly chart shows a "break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI turns red."
Santana further indicated ADA may drop below $0.34 to get support. He said 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 said.
ADA is trading at $0.58, up in the past 24 hours, according to CoinMarketCap.
