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Cardano [ADA] is about to conclude the month on an overall bearish performance despite a promising start. Investors were optimistic that September would at least provide a bullish outcome, especially in light of major developments. However, ADA did at least manage an 18% rally in the first 11 days of the month. It retraced since […]
is about to conclude the month on an overall bearish performance despite a promising start. Investors were optimistic that September would at least provide a bullish outcome, especially in light of major developments.
However, ADA did at least manage an 18% rally in the first 11 days of the month. It retraced since then and retested August lows. ADA traded at $0.43 at press time, which was close to its monthly low of $0.42. More importantly, this was also the same level that previously offered support.ADA might bounce from the same short-term support if history repeats. Its press time performance reflected the low investors’ confidence.
The lack of investors’ confidence was reflected in ADA’s velocity which was at its lowest four-week levels at press time. This confirmed that ADA coins were less frequently traded in the last few days.ADA’s 24-hour active addresses metric also demonstrated a similar outcome. The number of active addresses dropped drastically in the last few days. These observations were not unexpected considering ADA’s performance so far in 2022.
The update confirmed that the Vasil upgrade was successful while highlighting the advantages that will accrue from the development.
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