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In its latest weekly report dated May 12, Cardano (ADA) provided an overview of notable activities and updates on its network. The report revealed that 126 projects were launched on the network during the week, and there are currently 1,240 projects in active development on the Cardano network.
One area of significant growth highlighted in the report is the utilization of “Native Tokens,” which reached a total of 8.24 million. Additionally, there were 73,114 token policies and a total of 66.3 million transactions recorded on the network. The report also noted that 7,962 Plutus scripts were created. IOG, the Cardano developer, mentioned that the ADA-backed stablecoin called DJED has been experiencing substantial expansion since its launch.
The report went on to outline key developments and upgrades carried out by various teams. In the wallets and services category, the Daedalus team focused on enhancing the currency conversion feature by working on the proxy server. Several improvements and features were introduced to ensure a better user experience.
Cardano (ADA) Current Market Standing
Cardano (ADA) was ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price drop of 2.14%, taking its price down to $0.3656 at press time. The Ethereum-killer’s market cap stood at $12.743 billion as a result.
Meanwhile, ADA’s 24-hour trading volume stood at $158.201 million, following a 24-hour increase of 0.88%. Furthermore, the price of ADA was nearer to its 24-hour low of $0.363. The altcoin’s daily low stood at $0.3749.
The recent drop in ADA’s price was not enough to flip the altcoin’s weekly price performance into the red. At press time, ADA’s weekly performance remained in the green at +0.65%.
Cardano (ADA) Technical Overview
A bullish ascending triangle had formed on ADA’s 4-hour chart, after the Ethereum-killer’s price printed higher lows over the past week. The next 4-hour close will be a key indicator of whether or not the altcoin’s price will rebound from this low and make a move toward the base of the chart pattern at $0.3752 in the next 24 hours.
Should ADA’s price continue to fall in the next 4 hours, it may set a new low in the bullish chart pattern, which will postpone any move toward the aforementioned base. On the other hand, a close above the previous 4-hour candle’s low at $0.3613 will serve as a confirmation of the $0.3752 mark being targeted in the next 24 hours.
Technical indicators on ADA’s 4-hour chart supported a bearish thesis at press time. Most notably, the 9 EMA line was on the cusp of crossing bearishly below the 20 EMA line.
Furthermore, the RSI line on the 4-hour chart was sloped negatively toward the oversold territory and was positioned below the RSI SMA line. Both of these technical flags suggested ADA’s price would continue to fall in the next 24 hours.
If these bearish flags are validated, ADA’s price could drop to as low as $0.3527 in the next 24-48 hours. On the other hand, a break above the 9 and 20 EMA lines on the 4-hour chart could see the crypto’s price flip the resistance level at $0.3752 into support before rising to $0.3834 in the following 24-48 hours.
Technical indicators on ADA’s daily chart expressed the same bearish outlook seen on the 4-hour chart. At press time, the 9-day EMA was trading bearishly below the 20-day EMA. In addition to this, the shorter EMA line was breaking away from the 20-day EMA line as well.
A bearish technical flag was also triggered by the daily RSI indicator recently, with the daily RSI line crossing bearishly below the daily RSI SMA line. The daily chart also supported the downside target of $0.3527 shown on the 4-hour chart.
This bearish thesis will be invalidated if ADA’s price is able to close today’s trading session above the 9-day EMA line at around $0.37. Thereafter, the altcoin’s price will need to break above the $0.3760 before investors and traders can realistically look at entering into a long position for ADA in the coming 48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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