Cardano’s confirmation of its development activity appears at crossroads because of some contrasting views. Santiment confirmed that the ADA chain’s development activity plunged substantially since September 28 after hitting peaks.
Nevertheless, IOG (Input Output Global), the developers behind Cardano’s Vasil update, presented opposing opinions. The company’s weekly update shows Cardano on-boarded 1,114 projects, with 100 launched.
Furthermore, transactions had surpassed the 50 million level. That represented a lucrative milestone for the crypto since the Vasil fork. Nevertheless, transaction count indicated slowdowns within the Cardano blockchain.
Cardano had its development activity at September 6 levels as of October 2. Furthermore, ADA’s development activity wasn’t the only metric to backpedal.
ADA seemed to resort to a catch back, with the altcoin trading near $0.43 on October 2. Assessing the charts indicated that Cardano’s current momentum resembled its stated four weeks ago. Moreover, the RSI (Relative Strength Index) showed the crypto neared the 4-week support as of October 2.
ADA used the position to defend the September 3 support grip. However, are the prevailing circumstances the same? With the Relative Strength Index at 37.76, reversals could rely on sellers’ mercy.
Nevertheless, it seemed it wasn’t all black & white without other indicators. According to OBV (on-balance volume), ADA might be readying to reclaim its 25% volume decline of the precious 24 hours. While no certainty existed, the OBV drop to 43.30 billion remained minimum than October 1.
This status means ADA has the opportunity to revive to bullish strength. The CMF (Chaikin Money Flow) shows ADA might have to adhere to the (above-mentioned) September pattern. Nevertheless, the CMF stood at -0.11, confirming less cash pumped into Cardano over the past few sessions.
Furthermore, CMF indication confirmed an emerging volume surge. Such a development would see ADA recovering its 1.84% one-day loss. Meanwhile, the altcoin reflected signals of bears’ collapse. Cardano had seen this phase before.
The thing remains that $ADA may have to select its preferable September levels for the final quarter – the downside or recoveries.
We have more crypto news coming your way. Stay around.