Charles Hoskinson, co-founder of Input Output Global, recently shared news about Cardano’s rapid technological growth via a retweet. The $ADA price may be affected by the steady development of the network as market participants anticipate the Vasil fork.
Progress That’s Worth Noting
August contributor counts on GitHub are tracked in the featured update. In the meantime, Cardano has jumped out to an early lead. This proves that the developers behind Cardano have been diligently working to improve the platform with each new release. Moreover, as the upcoming Vasil fork approaches, this update continues to be a promising indicator.
The social media measure also reflected the impact of the fork’s publicity and Cardano’s recent partnership with DappRadar. The percentage of social media mentions of ADA rose by 31.89% last month, and the percentage of social media engagements rose by 24.56%.
There’s more good news, though. In the last three months, the number of addresses in ADA has increased consistently, by 6.07 percent. While this was being written, the total number of addresses was at 3.87 million and is still rising.
In addition, Cardano’s market dominance rose temporarily. Within the last month, the alternative token gained 1.74% in value. That was good for 1.68 percent of the market as of this writing. There are, however, worries among market participants.
The recent precipitous drop in ADA traffic may be one of the most concerning signs for investors. The alternative cryptocurrency’s volume has dropped significantly over the previous month, and further collapse is imminent. The token’s volatility has grown during the past month. Because of this, investment risk increases.
During the time of publication, ADA was trading at $0.5032, down nearly 2% from its previous close. In addition, the price of Cardano is expected to continue falling in the hours ahead. The token’s upward momentum looks to be fading after it rose from $0.457 during sessions on September 7.
At the time of writing, the RSI (Relative Strength Index) showed a value of 48.71. This demonstrated that selling pressure prevailed for a short time. Furthermore, the on-balance volume (OBV) has been fluctuating. That indicates that, in terms of immediate inclinations, ADA is unlikely to see any change.
Meanwhile, any price increases in cryptocurrencies are being quickly nullified, indicating that the market is extremely volatile. Bitcoin’s price has dropped dramatically in the previous day, bringing it back down to the $20,000 range. Assessment still need upcoming sessions.