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Cardano shows a negative trend in transaction volume; traders fret by CoinEdition

Cardano shows a negative trend in transaction volume; traders fret
  • It has seen a drastic drop in network activity.
  • The network has a low transaction volume.
  • The volatility in ADA’s price action might have led to a drop in network activity.

Cardano, a public blockchain platform, was reportedly experiencing a sharp drop in both its network activity and its transaction volume. The lowest level of transaction volume that hadn’t been seen since January 2022 might have resulted from the recent price action of ADA.

Cardano was at its highest price ever, $3.09, a year ago. However, the coin is now closer than ever to its lowest price since November 2021 when the winter started to ruin the crypto industry.

ADA Six Months’ Price

Cardano remains one the most profitable cryptocurrencies so it is not surprising that crypto traders are seeing a downtrend in Cardano. Still, the recent price action of ADA that began in October wasn’t expected by the crypto members.

The spike in volatility could be a major factor in the coin’s crash. The Cardano coin’s price has seen significant fluctuations since last year. This has made investors extremely nervous and caused the largest volume spike since September.

The Cardano network’s massive plunge in transaction volume could be due to inactive ecosystem and reluctant investors. The highly volatile price action of Cardano negatively affected investors and they were reluctant either to invest or to make transactions.

Cardano has shown a potential bounce in the last four trading days, gaining 9% in price. Significantly, the currency’s bounce could be a positive signal that the bulls would still provide enough buying volume to retrieve the initial position of Cardano.

Disclaimer: All views and opinions expressed in this price analysis are published in good faith. Readers are responsible for their own research and due diligence. All actions taken by readers are at their own risk. Coin Edition and its affiliates cannot be held responsible for any indirect or direct damage or loss.

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Stocksak Editorial

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