Analysts from AMB Crypto studied CryptoQuant data on the Cardano (ADA) cryptocurrency. The researchers noted that the number of Cardano stakers has increased slightly over the past week, as of April 24, 2023. Meanwhile, the ADA rate has dropped significantly over the past 7 days. However, experts from CryptoQuant hinted at the possibility of a trend reversal.
Experts emphasized that interest from stakers occurred due to a fall in Cardano quotes. ADA staking income has declined over the past few days due to bearish sentiment throughout the crypto market. However, this trend has come to an end. According to the Staking Reward chart, the number of users who have frozen their ADA in the last 7 days has increased slightly. This could be an encouraging sign for the future of the blockchain project.
ADA's staking ratio was almost 65%, and its market capitalization exceeded $9.1 billion. Additionally, the metric showed an increase in the number of active addresses over the past 24 hours, indicating widespread use of the network.
According to DefiLlama, the total amount of funds locked in ADA smart contracts (TVL) has previously been on an upward trend. However, after April 19, 2023, this value began to gradually decrease. On the other hand, Cardano developer activity remained high throughout the week, which was considered positive.
As of 15:50 Moscow time on April 24, 2023, ADA quotes were at $0.388. This indicator has lost 1% over the past 24 hours and more than 12% over the past 7 days. The market capitalization was $13.52 billion, which allowed it to retain 5th place in the ranking of the world's best cryptocurrencies. The daily volume of transactions with ADA was $275.72 million.
CryptoQuant data showed that the Stochastic indicator was in the oversold zone. In their opinion, this is a typical bullish signal. The possibility of a trend reversal was also supported by the Chaikin Money Flow (CMF), which recorded growth over the reporting period. However, the MACD ADA indicator showed a bearish crossover. At the same time, the coin’s relative strength index (RSI) was also below the neutral level of 50.
