Wednesday, February 28, 2024

Cardano Continues to See Tremendous Growth.

The Cardano network continues to see a number of developments that have been carried over from 2022. It has emerged as the third most developed blockchain. Cardano’s growth is attributed to the introduction of the first smart contract written in a Pythonic programming language and the new features of the Plutus smart contracts.

Cardano has been enhanced with over 50,000 wallets since the turn of the year with 3,842,867 on January 1 and 3,894,735 wallets recorded as of January 25, as per data from Cardano Blockchain Insights, for a total of 51,868 wallets. An average of 2,075 new wallets have been created per day. This reflects increased activity and interest from potential buyers.

Moreover, the price of ADA increased by 53.2% from the beginning of the year. It was recently trading at $0.3779, up by 0.49% in the last 24 hours. ADA has gained 12.48% in the last seven days. Its price prediction sentiment is neutral as 18 technical analysis indicators show bullish signals and 14 signal bearishness. ADA is currently below the 50-day simple moving average. This has been signaling sell for the last 18 days, since January 8.

Furthermore, Cardano’s 200-day simple moving average will drop in the next month, as per the technical indicators. And the relative strength index value is at 69.64, indicating that the ADA market is in a neutral position.

All for the test.

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