Cardano [ADA] Development Activity Bounces Back, But Price Struggles
• Cardano’s development activity has seen a recent improvement after a downward spiral since 16 February.
• The Valentine upgrade was rolled out with much optimism, but ADA has failed to capitalize on the opportunity and dropped 13% in the same week.
• On-chain metrics such as daily active addresses and MVRV ratio indicate that holders would incur losses if they choose to liquidate their positions.
Recent Development Activity
Cardano’s development activity bounced back impressively over the last few days. According to CoinMarketCap, ADA dropped significantly over the previous week, plunging 13%, at the time of writing. Furthermore, nearly $1.46 billion of Cardano’s market cap was wiped out in the same time period. But things could be taking a positive turn. Cardano’s development activity which was in a downward spiral since 16 February, bounced back impressively over the last few days, data from Santiment revealed.
Key Development Updates
Cardano published the latest edition of its weekly development report. The spike in development activity could be due to the key updates that happened in its ecosystem in the last seven days such as updates on fixes for peer-to-peer (P2P) code; releasing an updated set of network packages; progress made on Lace light wallet platform; implementation of initial partial index of Marlowe contracts and completion work on different way of dealing with contests during contestation period.
Cardano’s on-chain metrics scripted an uninspiring story. The daily active addresses nosedived since the start of February, per data from Santiment The negative MVRV Ratio implied that most holders would incur losses if they decide to liquidate their positions. The rising transaction volume in loss added more evidence to this observation lack of profitability in the network dented investors‘ confidence in ADA which was negative, at the time of writing..
Price Prediction 2023-24
At present there is no clear indication about what will happen with Cardano’s [ADA] price prediction 2023-24 however it does seem that there have been some positive developments recently which could lead them towards future growth and success going forward into 2023/4 .
It is difficult to determine whether or not Cardano [ADA] will recover from its recent losses but it seems like there may be some hope for those invested as there have been positive developments recently including improvements with network packages and Light Wallet Platforms being released soon before mainnet launch . Additionally , investors should also keep an eye on any future developments regarding ADA’s price prediction for 2023/4 as this could give more insight into how this coin might perform going forward .