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Cardano’s Network Activity Falls in Q3: Investigating Reason

Cardano, a prominent blockchain network, had a mixed performance during the third quarter of the year. While certain metrics portrayed a less-than-stellar picture, there are emerging indicators that suggest the potential for a positive turnaround. Metrics play a crucial role in determining the health of a blockchain network, and Cardano’s performance in Q3 revealed some concerning trends. The average transaction fee on the Cardano network decreased by 29.9%, suggesting a reduction in the cost of network usage. However, there was a decline in daily active addresses, raising questions about the network’s ability to maintain user engagement. Fees denominated in Cardano’s native token, ADA, also fell by 3% quarter-over-quarter, indicating that users may have been transacting with smaller amounts due to lower fees. Additionally, Cardano’s revenue decreased by 30%, which could raise concerns about its financial stability. Despite these challenges, Cardano’s chart on TradingView paints a different narrative, suggesting upward momentum. The Relative Strength Index (RSI) for Cardano is on an upward trajectory, approaching the overbought territory. The moving averages on the chart also provide cause for optimism, as the price appears to be attempting to break above the long-term resistance trendline, creating a potentially bullish scenario.

#Cardano #Blockchain #Cryptocurrency #Q3Performance #Metrics #DailyActiveAddresses #Fees #ADA #PriceMovement #TradingChart #Volatility

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