- Cardano’s daily recap shared a number of developments that could help ADA’s growth.
- However, at the time of writing, ADA switched hands with a loss.
from Cardano [ADA] efforts with the Voltaire era helped the altcoin see some recovery on its Total Value Locked (TVL) and Long/Short Ratio front. However, as we entered a new month, the ecosystem had a little more to offer the community.
The Twitter handle, Cardano Feed, published Cardano’s daily digest on May 1 and listed some important updates about the ecosystem. In addition to Voltaire’s development, the roadmap presented other important updates related to the ecosystem.
#Cardano Daily Review: 🔥 Cardano Price Consolidation | ADA deal with roadmap | Call platform is launched
Cardano is on fire as price consolidation! To buy $ADA for the uptrend? In April 2023, the crypto market went through a consolidation phase for many digital assets.
— Cardano Feed ($ADA) (@CardanoFeed) May 1, 2023
How much are 1,10,100 ADAs worth today?
High expectations are running the rounds
The Twitter thread highlighted Cardano’s cooperation with a next-gen Web3 gaming platform DEADPXLZ to develop its first game on the Paima Engine. This would be integrated with Cardano.
Moreover, the roundup also mentioned that the SummonsPlatform was launched on the Cardano mainnet. This would allow users to create and manage DAOs in a better way.
With so much to offer, Cardano could be winning. However, was that the case with ADA’s price and stats? Let’s find out.
All about the bears
At the time of writing, Cardano’s native token ADA hasn’t really stepped up its game. This was because the token switched hands at $0.3842 and was in the red. The Relative Strength Index (RSI) also stood at 44.28 and showed no signs of recovery in the coming days.
ADA’s Moving Average Convergence Divergence (MACD) indicator also witnessed a bearish crossover. Although at press time the signal and MACD line remained above the zero line, it was only a matter of time before the two lines made their way to the other side of zero.
Source: TradingView
Data from intelligence platform Santiment also seemed to support the bears at the time of writing. While ADA’s development activity has been on an upward trend in recent days, it slumped as it went to press. ADA’s development activity was 83.83, which was down from the chain’s development activity in recent days.
Furthermore, a look at the number of holders at the time of writing also failed to provide a significant recovery and moved in a sideways direction. However, ADA managed to maintain its social dominance despite a bearish outlook on most fronts.
Source: Sentiment
Additionally, according to data from CoinMarketCap, ADA was trading 0.18% lower in the past 24 hours and 3.46% lower in the past seven days. So ADA traders should be trading slowly for at least the next few days.
Read Cardanos [ADA] Price Forecast 2023-24
Despite ADA being controlled by the bears, the Cardano Foundation shared some good news with the community. As of May 1, Cardano’s on-chain stats showed some growth.
So this could change the state of ADA, but only if investors manage to gather some bullish momentum.
#Cardano On-chain stats 🚀
Let’s keep growing #CardanoCommunity! đź’Ş pic.twitter.com/6Ct5iGW67k
— Cardano Foundation (@Cardano_CF) May 1, 2023
