Cardano Activity Spikes Despite Bearish Market, Prepares for Chang Hard Fork
Cardano has been a hive of activity lately, with a significant surge in overall network transactions processed in the past 24 hours. However, this activity seems concentrated among a smaller user base, as Daily Active Addresses dipped during the same period. Experts point to Decentralized Exchange (DEX) volumes as a possible explanation for the surge.
Cardano Transaction Volume Up, But Value Locked Down
While DEX volumes have risen, the Total Value Locked (TVL) on the Cardano network has unfortunately declined. This suggests that the increased activity hasn’t translated to a significant increase in captured value. Despite a promising 2.37% price increase in the last 24 hours, ADA’s overall price trend remains bearish, marked by lower lows and lower highs since late April.
Cardano Seeks Reversal with Technical Indicators Offering Mixed Outlook
For a bullish trend reversal, ADA needs significant momentum. The Relative Strength Index (RSI) sits at 51.13, indicating some bullish sentiment. However, the Chaikin Money Flow (CMF) suggests a decline in money flowing into ADA, potentially hindering a price surge.
Development Spree Continues: New Upgrade Targets Staking Accessibility
Cardano’s development team is actively working on improvements. The recent “docker-cardano-cli v8.24.0.0-1” upgrade, developed by Blinken Labs, aims to streamline stake pool operations, making staking on Cardano more user-friendly and efficient.
Sundae v3 DEX Shines with Increased Activity
Cardano’s leading Decentralized Exchange, Sundae v3, has seen a surge in activity, processing over 9,200 orders within 24 hours. Charles Hoskinson, Cardano’s founder, highlighted this growth, suggesting the protocol is “waking up” with significant technological advancements on the horizon.
Sundae v3’s performance improvements mark a milestone for Cardano. The DEX executed a significant portion of orders within a minute, demonstrating enhanced efficiency. This surge in activity coincides with other recent developments within the Cardano ecosystem, potentially signifying a period of renewal and realignment.
Chang Hard Fork on the Horizon
Cardano is preparing for the highly anticipated Chang Hard Fork in June, aiming to transition towards decentralized governance and incorporate more community input. Hoskinson outlined plans for deploying Decentralized Representatives (dReps) to manage the treasury even without a full constitution in place.
Cardano Introduces Multi-Staking Feature
Cardano’s Light Wallet Lace now offers a multi-staking feature, allowing users to delegate ADA to multiple stake pools from a single account. This caters to users prioritizing security and simplifies the staking process.
Cardano Community Awaits Chang Hard Fork with Optimism
The frequent upgrades and positive developments within the Cardano ecosystem, including the upcoming Chang Hard Fork, have fueled optimism for the platform’s future. However, detailed documentation for the new features is yet to be released.
Cardano Faces Bearish Market Pressures
Despite the surge in activity, Cardano (ADA) is not immune to the broader market bearishness. Trading volume for open-ended futures contracts on CoinGlass has risen 34% in the last day, but the price continues to struggle. ADA is currently trading at $0.3853, down slightly in the last 24 hours. If the price falls below the $0.37 support level, it could test $0.34. However, a break above $0.40 could signal a potential rally towards $0.42. The upcoming Chang Hard Fork is likely to significantly impact ADA’s short-term trajectory.
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