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Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over

Best Owie
Best Owie
1 year ago
3 mins read
Cardano

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Cardano (ADA) has been one of the worst-hit cryptocurrencies in the market. The digital asset which had seen a high of $3.10 now lives on past glory as it is now trading below the $1 mark. This has been going on for a while which has convinced some investors that the end of this onslaught is coming to an end. However, on-chain metrics suggest that this is far from the case and in fact, the downtrend is not close to ending anytime soon.

On-Chain Metrics Are Bad

One thing that has always gone well for Cardano has been the amount of activity that is recorded on the network. The cryptocurrency which boasts a cult-like following has been one of the best-performing networks in terms of activity and traffic. At some point even rivaling, or surpassing, the leading smart contract network, Ethereum, in terms of volume. But it seems this reign is coming to an end as Cardano’s network activity has slowed significantly.

Related Reading | Small Cap Altcoins Take April Shower, Will May Bring New Growth?

At the beginning of the month, Cardano’s real volume on a daily basis had surged as high as $750 million passing through the network in a day. However, as the price of the digital asset has declined and investor sentiment has turned negative, its real volume has taken a hit.

Cardano real volume

ADA real volume on a decline | Source: Messari

Snoop Dogg’s NFT launch on the network had helped to bolster activity on the network but this soon died down. The result of this has been a constant decline in real volume. At the time of this writing, the real volume for the network is now sitting as low as $37 million on a daily basis.

What This Means For Cardano

The price of any cryptocurrency in the space can easily be linked to the network activity of that asset. This is why the decline in the real volume for Cardano spells out more bad news for the value of the digital asset.

Related Reading | Ethereum Attempts To Climb North; Is It Eyeing $3000?

A surge in this real volume has usually coincided with a surge in the price of ADA. What this alludes to is that with real volume down, with no signs of picking up soon, then there is not enough momentum to trigger another recovery trend for the cryptocurrency.

Cardano (ADA) price chart from TradingView.com

ADA falls below $1 | Source: ADAUSD on TradingView.com

Rather, as the real volume continues to decline, it is expected that the price of the digital asset will decline with it. This could see the value of ADA testing at the $0.7 level in the month of May. Although this has historically been a bullish month so there is a chance ADA will recover if the market does.

ADA is trading at $0.84 at the time of writing. The digital asset is down 72.52% from its September 2, 2021, all-time high.

Featured image from Zipmex, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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