Cardano's growing stablecoin volumes may impact the protocol positively in the long run. However, the declining development activity on the protocol may prove to be detrimental.
How was ADA impacted?
Along with DJED, the interest in the ADA token was also growing. Since crashing to the $0.220 support level due to SEC’s lawsuit against Binance, the ADA token has managed to recover quite well. The price of ADA has grown by 46.64% since then, however, it still hasn’t managed to break past the $0.384 resistance levels that it was once trading at.
Even though ADA’s price declined in the last few days, no significant bearish trend was established at the time of writing. It remains to be seen whether the ADA token manages to re-test and weaken the $0.384 resistance levels in the future. Its RSI was at 52.80, implying that the momentum was slight with the buyers. The OBV was also observed to be growing since the last few days, indicating rising buying pressure for ADA.Along with the surge in price, ADA’s volume also grew. However, according to Santiment’s data, in the last few days, the volume of ADA declined.
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