Cardano Price Prediction as Blockchain Transactions Surge Up Nearly 50% in 3 Months – Are Whales Moving to Cardano?
The price of Cardano (ADA) has dropped by 0.5% in the past 24 hours, with its slide to $0.290402 also representing a 5% loss in the last seven days.
This weekly fall comes amid a difficult period for the wider cryptocurrency market, which has recently been undermined by negativity surrounding the downgrading of US government debt, as well as by the development of Coinbase's legal battle with the SEC.
However, ADA remains in a strong position fundamentally, with Messari's latest State of Cardano report finding that average daily dapp transactions on the platform increased by 49% between Q2 2023 and Q3.
Combined with Cardano's steadily rising total value locked in, this points to a not-too distant future in which demand for ADA will be high, pushinng up its price in the process.
ADA's chart suggests that, after a period of disappointing performance, the altcoin should be close to mounting a recovery.
ADA's relative strength index (purple) has begun rising a little after touching 30 last week, signalling a slight recovery in momentum that could translate into distinctive gains in the next few days.
At the same time, the altcoin's 30-day moving average (yellow) has almost certainly bottomed out in relation to its 200-day average (blue), a position which tends to lead to gains.
However, traders need to be aware that ADA's support level (green) has declined steadily over the past few weeks, and there's no really good reason why it can't fall a little more before we see any recovery.
But ADA should definitely recover soon, given Cardano's recent growth as a platform.
As mentioned above, Messari's latest State of Cardano report finds that the Cardano network is now processing significantly more traffic, with average daily transactions up
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