- Cardano delivered positive network growth in April.
- ADA gave up its April win after struggling to shake off the bear.
Every other top blockchain has worked to build and attract organic growth. So is Cardano [ADA] has just dropped its monthly report for April and it reveals some interesting insights in terms of network activity.
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April may not have been the most optimal month for growth due to market and regulatory headwinds. Nevertheless, Cardano achieved some growth.
According to the update, the network maintained positive growth in its network transactions, which grew 2.49% to 65.6 million transactions. This growth was supported by a 1.19% increase in the number of portfolios.
#Cardano On-chain stats 🚀
Let’s keep growing #CardanoCommunity! 💪 pic.twitter.com/6Ct5iGW67k
— Cardano Foundation (@Cardano_CF) May 1, 2023
Simple type transactions accounted for the majority of transactions at 49%. Smart contract transactions were up 30% this month, with metadata accounting for the remaining percentage. The key takeaway from the monthly report was that Cardano’s utility was experiencing significant growth.
Cardano’s TVL also won by a significant margin. It grew from just $138.61 million at the start of the month to a high of $171.3 million. A weak second half of the month saw significant TVL take-up before closing at $152.90 million. However, this was still a premium compared to the lowest TVL in April.
Source: DeFiLlama
ADA gives up its April profits
In the topic of Cardano’s monthly recap, the native cryptocurrency ADA also performed positively in the first half of April. It posted a 23% price gain in the first two weeks of the month, but then gave up almost all of those gains.
A cryptocurrency’s performance at the end of each month can give priority to how it will perform in the new month. ADA’s performance over the past 48 hours built on the bearish performance the cryptocurrency delivered in the last week of April. It changed hands at $0.38 and was quickly approaching short-term support near $0.37 at the time of writing.
Source: TradingView
ADA investors should be aware that a long-term downside could occur if the support level turns out to be weak. Such an outcome could trigger a retest of the medium term support level near the $0.35-$0.36 range. The ADA’s RSI already dropped below the mid-level of the RSI at the time of writing, while the MFI still showed signs of outflow.
How much are 1,10,100 ADAs worth today?
As for the ADA whales, the distribution of the supply showed little activity. However, there has been some activity from both bullish and bearish whales over the past two days. This was reflected in the lack of confidence in the market at the time of writing.
Source: Sentiment
ADA traders should watch for directional stimulation mid-week. It may offer some insights into the cryptocurrency’s next move over the next two weeks.
