- Cardano’s Charles Hoskinson says that the crypto market is stable and steady.
- Cardano’s April monthly reports also show some positive metrics that signal bullish sentiments for ADA.
The past few weeks have been a busy one for blockchain companies ranging from Shiba Inu to Cardano. While the market has reacted a little negatively to monetary policies and regulatory uncertainties, some positive developments and metrics are setting a few crypto projects apart from the rest.
In an interview with FoxNews, Cardano’s Charles Hoskinson stated that the crypto markets appear steady and stable.
Here's my interview with @MariaBartiromo https://t.co/2kNIIxMG07
— Charles Hoskinson (@IOHK_Charles) May 3, 2023
Cardano releases a monthly report
Cardano has released its monthly report for April and shows that the network saw transactions grow by 2.49 percent to hit 65.6 million transactions. This does not come as a surprise as its number of wallets increased by 1.19 percent in the period under review.
With the transaction type, a category labeled as “simple” accounted for 49 percent of the transaction while smart contracts transactions and metadata transactions accounted for 30 percent and 21 percent respectively. Cardano’s Total Value Locked (TVL) surged to as high as $171.3 million in April, from $138.61 million at the beginning of the month.
However, the TVL fell in the second half of the month to close at $152.90 million. The report further discloses that the native tokens increased by 1.54 percent to hit 8.20 million. Delegated wallets surged by 0.06 percent to 1.28 million. Under Plutus Script, there was a surge of 3.5 percent to hit 5419. Also, there was a 1.37 percent increase in Policies to reach 72,133.
ADA lost almost all gains in the second half of April
The native token (ADA) also staged a good run in the first half of April with a 23 percent price gain. However, it lost almost all its gains. In the last seven days, the asset has lost 4.4 percent of its value and is currently trading at $0.386246. The sentiment around the asset is currently bearish with a support level of $0.360921.
Cardano’s yearly high of $0.4620 was recorded in April, a gain of 89.1 percent. Its bullish run was directly correlated with Bitcoin when the leading crypto by market cap hit $30k. The recent fall of Bitcoin to $28k also saw ADA losing 15 percent of its yearly high.
Analysts have observed that the Visible Range Volume Profile tool in a four-hour time frame indicates a Value Area High of $0.4200 and a Value Area Low of $0.3400. The RSI is below 50, which indicates a selling pressure on the token.
Coinglass also indicates that ADA’s long/short ratio discloses that a sell position has an advantage on the daily time frame with 51.84. This shows that its long-term outlook remains bearish. Due to its correlation with Bitcoin, a surge to $30k for BTC would see ADA record more gains. Equally, a fall to $27k-$25k could send ADA down the price curve.
Cardano recently made another significant development with the deployment of its stablecoin protocol, DJED, on the Ethereum Virtual Machine (EVM) compatible sidechain. This marked its third deployment and the first-ever deployment on Solidity. This is expected to be a step in its future expansion to EVM-compatible blockchains.
