• Cardano’s TVL and DEX volume increased, while ADA’s weekly price chart was painted red.
• Market indicators were bearish, but a few on-chain metrics looked positive.
• Development activity declined, suggesting that developers were putting in less effort into improving the network.
Cardano’s Increasing TVL & DEX Volume
Cardano’s Total Value Locked (TVL) has increased substantially over the last few weeks, as has its decentralized exchange (DEX) volume. At press time, its TVL value stood at $159.68 million, per data from Artemis. Additionally, Cardano’s daily transaction count also increased slightly in the last few days and whales were actively trading ADA as its whale transaction count rose as well.
Bearish Market Indicators for ADA
Despite the positive metrics of Cardano’s network stats, it did not reflect on ADA’s price chart. According to CoinMarketCap, ADA’s price declined by 3% in the last seven days and looking at ADA’s daily chart hinted that things could get worse with Money Flow Index (MFI), Relative Strength Index (RSI), Exponential Moving Average (EMA) Ribbon and Bollinger Bands all displaying a bearish trend.
On-Chain Metrics Show Mixed Signals
The negative sentiment graph remained mostly high over the last seven days but its MVRV Ratio was low which increases the chances of a continued downtrend. However some metrics looked positive such as ADA’s demand in the derivatives market increasing substantially over the week and daily active addresses spiking last week showing more network activity.
Decreased Development Activity
Unfortunately Cardano’s development activity declined which indicated that developers were putting in less effort into improving the network than before.
Conclusion
Overall this article discussed Cardano’s increasing TVL & DEX volumes along with mixed signals from market indicators & on-chain metrics for ADA’s price chart alongwith decreased development activity indicating less effort for improvement in its network all of which suggests investors can expect ADA’s price to fall further if no changes come about soon .