Is Cardano poised for a bullish breakout?

  • Cardano’s MACD was bullish, but RSI remained on the bears’ side. 
  • IOG posted its weekly development report, highlighting the efforts made by its different teams. 

Cardano [ADA] did not register much volatility in its price action last week. However, if the latest analysis is to be considered, things could heat up soon, as ADA showed bullish tendencies. 

Read Cardano’s [ADA] Price Prediction 2023-24

Moreover, Cardano’s developers kept working towards enhancing the network, as revealed by its weekly development report.

Cardano to the moon?

CoinMarketCap’s data revealed that ADA’s price moved sideways last week. The token’s price only moved southward by 1%, and at press time, it was trading at $0.2508 with a market capitalization 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 brink of a bounce. If the prediction turns out to be true, ADA might be in for a bull run soon.

A look at ADA’s daily chart helped get a better understanding of what the token’s future might look like. Notably, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) looked bearish.

However, the MACD displayed a bullish crossover, increasing the chances of a northbound price movement in the days to follow.

ADAUSDT 2023 09 16 14 02 47

Source: TradingView

ADA’s trading volume also remained high, reflecting investors’ interest in trading the token. Moreover, whale activity around ADA was also on par, as was its social dominance.

Nonetheless, the blockchain’s development activity dropped.

Cardano ADA 14.04.31 16 Sep 2023

Source: Santiment

Decoding Cardano’s development activity

While the blockchain’s development activity dropped, Input Output Global published its weekly development report, highlighting the efforts made by different teams throughout the last week. As per the report, the performance and tracing team performed and analyzed feature benchmarks for UTXO-HD.

The Hydra team improved the commit process with support for inline datums and simplified the chain layer by refactoring the chain state persistence.

How much are 1,10,100 ADAs worth today?

Cardano’s Mithril team, on the other hand, kept working on the refactoring and standardization of the errors in the Mithril nodes.

Apart from this, the report also mentioned Cardano’s updated network stats. Native tokens on the blockchain reached the 8.8 million mark, having processed 74.9 million transactions to date.

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