Entering Sunday’s session, Cardano (ADA), Ethereum (ETH), polkadot (DOT), and solana (SOL) were in negative territory for the week.
From Monday to Saturday, the ADA was down 13.95% to 0.364. Bears fell over the course of the entire week from Monday’s high of $0.427 to Thursday and a new low of October at $0.350. Despite the bearish Friday and Saturday sessions, ADA briefly recovered to $0.382 before returning to the deep red.
Network updates remained bearish, as project numbers tracking the Vasil Steel fork put downward pressure on prices.
On Friday, enter the output of HK subscriber Weekly Development Report from 14 October. Highlights on the web from the weekly development report including,
- Work is underway on nuclear improvements.
- Next Daedalus release to fix minimum fee calculation issue.
- 102 projects were launched in Cardano, unchanged from the previous week.
- 1,120 projects based on Cardano, an increase of three over the previous week.
Prior to Vasil’s hard fork, the number of projects launched on Cardano was 98, with 1,100 projects built on the Cardano network.
Based on the trend analysis, ADA will need to break above the August high at $0.595 to break the June high at $0.6688 and target the May high at $0.906. Going back to $0.55 would be basic. However, a dip through the October low of $0.350 would give the bears a look below $0.300.