Bitcoin Price Analysis: Bears Are Hungry – 26 October 2022
While most of the cryptocurrencies like Bitcoin, Solana, and XRP among others are struggling to move ahead of their bearish pullback, a few of them have entered the green zone. Among the altcoins that are enjoying their slight bull run is Cardano, the eighth-largest cryptocurrency by market cap.
Currently, Cardano is changing hands at $0.36 after a slight upswing of 0.34% in the last 24hrs while the currency is still down by 2% in the last seven days. Immediate resistance lies at $0.40 while support is around $0.30.
Cardano Daily Transaction At 100K
On the other hand, the Ethereum competitor is experiencing daily transactions along with network activity as per Cardano’s on-chain metrics. This comes amidst the overall crypto market downfall in the last few weeks.
As per the on-chain metric website, Messari Cardano’s daily transaction has reached 100K at a blockchain capacity of 50%. Though the exact reason for an increased network activity remains unknown, the reason for the rise in daily transactions points towards the NFT industry. The increased network activity, daily transactions per block along with a rise in 24hr address activity is suggesting an ADA price rise.
It’s been observed that for any asset to see its price rise fundamental growth has played an important growth, be it short or mid-term price movement. Earlier as Cardano developers failed to improve NFT technology during a previous crypto market bull run, the network failed to attract new short-term investors.
However, now DeFi is trying to gain some traction on ADA which is expected to pave the way for new investors. If Cardano successfully gains new investors, ADA will soon witness bullish price action along with bulls maintaining network stability.