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ADA’s latest development may be evidence that it would stop at nothing in 2022

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The Cardano Foundation may be giving a sneak-peak into what’s next for the blockchain only a few weeks after the successful rollout of the Vasil hard fork. The Cardano Foundation, on 18 October, tweeted about Cardano Ballot. This is a decentralized application (dApp) for voting that is in the works. 

Although the dApp is being developed for the Cardno Summit, there are subliminal indications that it may have a wider scope. 

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Here’s AMBCrypto’s Price Prediction for Cardano(ADA) for 2022-2023

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Furthermore, the ADA team has made plays that stretch beyond the summit. With additional advancements and enhancements, the voting app may become popular outside the ecosystem.

More to come…

Apart from the aforementioned update, Cardano’s NFT area also appeared to be gradually making an impression. Stockwits, data and discovery platform, reported that the Cardano entered the top three NFT chains. Furthermore, as per opencnft data, over a million NFTs were traded in the last 24 hours. To add to it, over 2.6 million ADA stood as the trade volume figure.

Cardano surpassed Immutable X in NFT trading volume, at $968,000. It ranked third, behind Ethereum [ETH] and Solana [SOL]. The Ape Society, Spacebudz, Claynation by Claymates, and Derp Apes were among the most prominent NFT platforms that spearheaded this rally on the Cardano chain.

According to Santiment, the average number of daily active addresses stood at around 47,000, significantly down from its peak of 154,000 seen in May. A slight decline could be observed but that may have been due to broader market conditions more than a lack of activity or interest in the chain itself.

Source: Santiment

There is more to come

It was also noted that the development activity indicator was greater than 70. However the dev activity graph showed a declining tendency, which wasn’t its best. But the current state was still indicative of developers working on the platform. 

Source: Santiment

When looking at the daily timeframe, it was clear that the price of ADA was experiencing a downward trend. A new support line looked to be growing beneath the old one, which had been broken. The initial support line was around $0.415 and $0.384, but it dropped to around $0.357 and $0.351.

At the time of writing, ADA was trading at roughly $0.35, marking a decrease of nearly 40% from its August high. The Relative Strength Index (RSI) was well into the oversold territory. This indicated that ADA was undergoing a severe bear run. Investors should brace for a pullback, which could potentially push prices above the yellow short Moving Average line.

Source: TradingView

 

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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