Charles Hoskinson, the co-founder of Input Output Global, recently retweeted an update about Cardano’s [ADA] rapidly growing technological development. With the Vasil hardfork in sight, and steady improvement in the network, could this mean something for ADA’s price action?
An interesting development
The aforementioned update measures active GitHub contributors over the month of August and Cardano has ranked number one in this category. This suggests that the Cardano developers have been working consistently in upgrading their technology and adding updates.
Furthermore, with the Vasil hardfork just around the corner, this update can be seen as a positive sign.
The hype around the hardfork and Cardano’s recent collaboration with DappRaddar have shown across social media as well. Cardano witnessed a 31.89% increase in its social mentions and a 24.56% spike in its social engagements over the past month.
But that’s not the only positive news. Cardano’s address count has been growing steadily and has seen a 6.07% growth over the past three months. The total number of addresses, at press time, stood at 3.87 million and the number continues to keep on growing.
Furthermore, Cardano has also seen slight growth in its marketcap dominance as well. The altcoin witnessed a 1.74% growth in the last 30 days. Thus, capturing 1.68% of the total market at press time.
However, there are some areas of concern for investors as well. One of the major alarming signs for investors could be Cardano’s significant drop in volume in the recent past. The volume of the altcoin has gone down in the past month and it could go further south in the future.
There has also been an increase in volatility over the past month. Thus, making investments riskier than usual.
That being said, at the time of writing, ADA was trading at $0.5032, with a depreciation of 1.84% in the last 24 hours. Although the price rallied from $0.457 on 7 September, the upward momentum seems to have come to a halt.
The Relative Strength Index (RSI), at press time, was at 48.71, with the momentum slightly skewed towards the sellers. Furthermore, the On-Balance-Volume (OBV) has also been moving sideways. Thereby, suggesting the price won’t be seeing much action in the near future.