According to a recent report from cryptocurrency exchange Kraken, Cardano (ADA) is experiencing a massive increase in daily on-chain volume in 2022.
Kraken Intelligence According to a report recently published by cardano‘s native cryptocurrency ADA, July per month in daily on-chain volume month to month 16%experienced a growth. Moreover ISLAND‘s daily on-chain activity 2022 since the beginning of the year 268%There was a huge rise in .
ISLANDwith this growth Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and from Algorand (ALGO) performed better. According to the report, within bitcoinin daily on-chain volume of 6%of a growth while it happens Ethereum, dogecoin and Algorand‘also drop seen. Especially popular meme token dogecoin, 54%experienced a decline.
Decentralized stock market as main reason behind growth SundaeSwap and metaverse game app pavia Although the release of applications such as cardanoof july expected to be carried out in the month ofVasil Hard Fork“It is thought to be a network update.
June by Cardano developers july The network update, which was delayed to the end of the month, last week delayed once again.
Cardano (ADA) Technical Analysis
Cardano, the 8th most valuable cryptocurrency according to CoinMarketCap ranking, has been in the last 30 days. 11% showed growth performance. With Bitcoin’s latest fall At $0.45 ADA, which has experienced a pullback to its main support, 0.535 dollars It has risen up to the intermediate resistance level. If this resistance is broken, ADA’s at the level of 0.6 dollars It seems possible to rise up to the main resistance.
If ADA, which is above its 200-candle moving average, is bearish. $0.48 from its moving average (200MA) response is being considered.