Cardano: Is Blockchain’s Attempt to Pay the Price of ADA Just Another ‘Deceptive Reason’

Following Vasil’s highly anticipated shot earlier in September, Cardano [ADA] It struggled to score some promising gains. The episode was the exact opposite of what the community expected, as people believed that the price of ADA would go up after the fork.

However, at the time of writing, ADA is 4.5% lower than last week, trading at $0.4225 with a market capitalization of $14.472 billion. Interestingly enough, Cardano developers recently pushed another update called koios-go-client v2.0.0 update.

While this new release can be seen as a positive sign for the blockchain, the question is, can it be enough to fuel the next bullish rally for ADA?

Nothing seems to be enough

Despite the positive developments in the ecosystem, a look at the ADA metrics indicates darker days ahead. Most metrics pointed in the direction of lower prices.

For example, the 30-day ADA Market Capitalization to Realized Value (MVRV) is in a downtrend, which indicates that the price may drop further in the coming days. ADA volume has also followed a similar pattern, dropping significantly over the past week.

However, at the time of writing, the volume has registered a slight increase. Not only that, but ADA development activity also decreased. This can also be seen as another red flag for the blockchain, as it reflects less efforts by developers to improve the network.

Source: feeling

A future with ADA?

LunarCrush recently revealed an interesting development on Twitter. According to the tweet, ADA was among the top cryptocurrencies on the platform in terms of popular searches. This development looked promising as it hinted at increased investor interest in the cryptocurrency.

However, this development did not reach the ADA metrics, as Santiment data showed that social cues for ADA have decreased significantly in recent days.

Source: feeling

However, CryptoQuant’s data looked a bit more promising, giving investors hope for better days to come. The ADA’s Relative Strength Index (RSI) was neutral, indicating that the market could move in either direction.

In addition, the ADA indicator revealed that the ADA is in an oversold mode, which may help the currency increase in value in the coming days.

Source: CryptoQuant

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