Journalist
Posted:
- Cardano’s MACD was bullish, but the RSI remained on the bear side.
- IOG published its weekly development report, highlighting the efforts of the various teams.
Cardano [ADA] didn’t register much volatility in its price action last week. However, taking into account the latest analysis, things could heat up soon as ADA showed bullish trends.
Read Cardanos [ADA] Price prediction 2023-24
Furthermore, Cardano developers continued to work on improving the network, as shown in the weekly development report.
Cardano to the moon?
CoinMarketCaps facts revealed that ADA’s price moved sideways last week. The token’s price only moved south by 1% and at the time of writing it was trading at $0.2508 with a market cap of over $8.8 billion.
However, Trend Rider, a popular X (formerly Twitter) handle that posts charts and analysis on cryptos, revealed that ADA was on the verge of a plunge. If the prediction turns out to be true, ADA could soon be in for a bull run.
🔥 Traders pay attention! 🔥
$ADA is about to confirm a bounce signal with our indicators on the Weekly. The last 2 times? A strong rally followed. #cryptocurrency pic.twitter.com/1FZz1Ug6jo
— Trend Rider (new account) (@TrendRidersTR) September 14, 2023
A look at ADA’s daily chart helped get a better understanding of what the sign future could look like. In particular, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) looked bearish.
However, the MACD showed a bullish crossover, increasing the likelihood of a northward price move in the following days.
Source: TradingView
ADA trading volume also remained high, reflecting investor interest in trading the token. Furthermore, whale activity around ADA was also similar, as was its social dominance.
Nevertheless, blockchain development activity declined.
Source: Santiment
Decoding Cardano’s development activity
As blockchain development activity declined, Input Output Global published its weekly development report, highlighting the efforts of several teams over the past week. According to the report, the performance and tracking team ran and analyzed feature benchmarks for UTXO-HD.
We publish our weekly magazine every Friday #Cardano development update. So for more information on what the IOG development team has been working on over the past week, head here and take a look👇https://t.co/GSe0KM7aju
— Input Output (@InputOutputHK) September 15, 2023
The Hydra team improved the commit process with support for inline dates and simplified the chain layer by redefining chain state persistence.
How many Worth 1,10,100 ADAs today?
Cardanos The Mithril team, on the other hand, continued to work on refactoring and standardizing the bugs in the Mithril nodes.
Apart from this, the report also mentioned Cardano’s updated network statistics. Native tokens on the blockchain reached the 8.8 million mark after processing 74.9 million transactions to date.