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Cardano Processed Four Million Transactions In The Last Two Months — ADA Hovers at $0.50

Last Updated February 5, 2024 1:44 PM
Nikola Lazic
Last Updated February 5, 2024 1:44 PM

Key Takeaways

  • Cardano’s robust infrastructure supported four milliom transactions in two months.
  • ADA’s price stability at around $0.50 highlights the ecosystem’s resilience.
  • A recent development report showcases Cardano’s comprehensive progress.

Cardano has made a significant mark by processing over 4 million transactions in the last two months alone. This milestone underscores the growing adoption and utility of the Cardano network and highlights its robust infrastructure capable of supporting a high volume of transactions. 

With ADA, Cardano’s native token, hovering around the $0.50 mark, the ecosystem’s dynamism and resilience are in the spotlight, reflecting both investor interest and its practical utility. 

In mid-December, ADA reached a high of $0.68, after which it went down by 32% to a low of $0.46 on January 23. Will it continue falling, or can this minor recovery spark a new uptrend? 

Cardano Fundamentals 

Cardano is a third-generation blockchain platform known for its scientific approach and emphasis on security, scalability, and sustainability. It uses a proof-of-stake algorithm called Ouroboros, designed to be more energy-efficient than proof-of-work systems. 

The Cardano network supports the development of decentralized applications and smart contracts. It aims to provide a more balanced and sustainable ecosystem for cryptocurrencies. 

In its recent weekly developments report , published on February 2, it was revealed that Cardano processed nearly four million transactions in the last two months. 

Among other things, the report outlines significant advancements across its ecosystem. These include a new DB Sync version, integration of Conway functionality, and enhancements in smart contracts through the Marlowe team’s efforts. Key initiatives include performance optimization, security improvements, and community engagement through Project Catalyst’s ongoing voting process. 

The report also highlights scaling efforts with the Hydra and Mithril teams, emphasizing API changes and transaction certification. Additionally, it discusses educational initiatives and governance developments, showcasing Cardano’s comprehensive approach to blockchain evolution and community participation.

In all, Cardano’s fundamentals are looking strong, with progress being made across all areas of development.  

ADA Price Analysis 

Cardano’s price rose from October 19, when it revisited its support level of $0.23. It peaked on December 13, reaching nearly $0.70, after which it fell. However, its January 22 low of $0.045 saw it at the same level as the April 14, 2023 high. 

Daily chart.
ADA is in its correction phase.

If the uptrend from October was the first in a new bull phase, the downturn after that would be its first bull market correction. It could have ended on a recent bounce, but there is still a chance ADA could go a bit lower. 

The $0.40 level is the most significant one, and we still haven’t seen an interaction with it. This is another 18% more than the current levels and would mark the completion of the correction stage. 

This would mean the bounce from January 22 was its B wave from the ABC move to the downside.  If it is, the price should go past $0.60. If ADA continues its upward trajectory past $0.60, we could start to look for signs of a new starting uptrend rather than another lower low. 

 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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