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Cardano (ADA) Retains Bullish Momentum in This Key Metric

Tue, 07/25/2023 - 11:54
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Godfrey Benjamin
Cardano seeing price slump, but key metrics show promise of impending revival
Cardano (ADA) Retains Bullish Momentum in This Key Metric
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Cardano (ADA) has joined the scores of altcoins whose price is seeing a downward spiral trailing a broader market bearish momentum. At the time of writing, Cardano is trading at a spot price of $0.3053, with its price down by 0.10% over the past 24 hours. The Cardano slump has also shown a similar bearish growth trend over the trailing seven-day period.

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Despite the temporary setbacks as shown in its price, Cardano remains a high flier and a promising token that has continued to maintain investor interest. Despite the bearish outlook in the token's price, it is exhibiting a bullish momentum in other important metrics.

One of these metrics is its trading volume. Per data from CoinMarketCap, Cardano has seen its trading volume jump as high as 45%. This is evidence that there is a very proactive accumulation of the digital currency both on the secondary market and among institutional investors.

Even if the price is slightly depressed but accumulation is sustained, reversing the trend is bound to be easier in the grand scheme of things. Besides the trading volume, Cardano has also seen a slight increase in its holder's balances, according to insights from IntoTheBlock (ITB).

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Cardano fundamentals and growth prospects

Cardano has an active developer base that has helped it churn out several unique products thus far this year. With protocols such as the Lace and Hydra scaling tool as part of the new innovations unraveled on the mainnet recently, Cardano looks primed to welcome new innovative decentralized applications (dApps).

With more functional dApps, the usability of Cardano will be increased and, thus, help drive a maximum surge in the price of the ADA. While the slipping prices may be considered a setback, in reality, it can be considered a push for Cardano to chart a bullish trend in the near term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.