Bears target $0.320 in IOHK weekly update

Hong Kong’s input and output talk failed to distract investors from the sentiment against the federal monetary policy, which continues to be a stampede. However, Cardano’s network updates also failed to have an effect, leaving ADA to pursue the broader crypto market.

IOHK and Fed updates are still the headwinds for ADA

There was a lack of updates to Input Output HK (IOHK) on Thursday to provide pricing support. After some promotional material earlier this week, IOHK most dangerous A month-long countdown to the Cardano Summit 2022. The summit could be a defining moment for ADA, although the team will need to attract projects into the ecosystem to support a demand-driven recovery.

Later today IOHK will release its weekly development figures. ADA could face more severe price pressures if weekly numbers reveal another additional surge in network projects.

IOHK reported last week,

  • 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.

The investor’s reaction to the network’s updates after the Vasil Steel split has been brutal. Since September 23, the ADA has fallen in 20 out of 27 sessions. 20 bearish sessions have left ADA down 26.4%, and ADA down 74% year-to-date.

In contrast, the cryptocurrency market is down 3.82% from the 23rd of September to date and is down 60.3% year-to-date. The skew has been more noticeable since the Vasil hard fork.

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